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Tuesday, December 15, 2009

The Dow lost 49 points on average volume. Advance/declines were negative. We were due for some type of pullback with the short term overbought condition. Now it's a toss up as to which way we go from here. Fed tomorrow and I wouldn't expect any surprises. But you never know. I am not going to try any OEX trades with 3 days left and a neutral technical condition. Gold was flat today and the XAU lost over 3 points. ABX dropped 3/4, GG lost 2/3 and NEM fell a buck. Volume was light. I did place an order for GG December calls but it wasn't filled. Gold held up well today despite a very good up move in the dollar. I think that perhaps a short term gold share trade could work. The technicals are very oversold on a daily basis for the gold shares. A bounce is due. There's only 3 days left though. I might try to do it again early tomorrow morning. I have to mull things over tonight. It's risky. Mentally I'm feeling OK, could have slept more. The question is whether to try this gold trade or not. I'll monitor things overnight and go from there. I still like the January gold share trade and may just look for an opportunity there. We'll see what happens tomorrow.

1 comment:

stock news said...

MARKET TODAY
Key benchmark indices were set to open a cautious start ahead of the outcome of two day Federal Reserve meeting ended today. High inflation and high fiscal deficit remained a major concern for policymakers. Meanwhile, the Bombay Stock Exchange (BSE) yesterday said it will advance trading hours by 10 minutes from 18 December 2009. Trading in the equity and equity derivatives segment will commence from 9:45 onwards, instead of the present timing of 9:55.



According to data released by the NSE, in the last session, FIIs were sellers of index futures to the tune of Rs 695.18 crore and sold index options worth Rs 159.41 crore. They were net sellers of stock futures to the tune of Rs 225.9 crore and sold stock options worth Rs 0.12 crore.

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