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Wednesday, November 11, 2009

The Dow continues higher, gaining another 44 points. Volume remains on the light side. Advance/declines were positive. Just how much higher will we go before we at least get some type of pullback? Not much in my opinion but I'm not looking to get short here. There obviously is plenty of money around looking for a home. Expiration week coming up as well and that usually has a positive bias. Gold was up $15 today but the gold shares lagged. The XAU rose a point. NEM was up 3/4 but ABX and GG only had fractional moves. All were much higher early. Volume was average. I might still try the gold share calls if we get a pullback. Or not. The dollar opened lower and closed higher. But it wasn't dramatic and the trend there is still down. Mentally I'm feeling better, slept OK. 7 days until the November expiration. The market is overbought here and staying that way. I don't think getting some OEX puts here is the correct play but I could be wrong. Perhaps on a short term basis. I'm on the sidelines for now.

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