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Wednesday, January 06, 2010

Another day of hanging around as the Dow gained a point on average volume. Advance/declines were positive. We are short term overbought. The summation index continues to head higher. It looks like the employment report could be the catalyst one way or the other at this point. I'm really not sure which way we will go here so there are no OEX trades before Friday. Gold had another good day, up $18. The XAU rose 4 3/4. ABX up 7/8, GG up 3/4 and NEM up a buck. Volume was nothing special. All these issues closed nowhere near their highs for the day. My ABX calls are back in the black. The daily technicals are overbought now. I really have to think about dumping these things tomorrow. Longer term looks positive but I don't know if I want to hold the calls into next week. Or even past tomorrow with the employment report looming. A lot to ponder this evening. Mentally I'm doing OK. So I'm holding a trade that is profitable with 7 days left in the January cycle. It's overbought but we all know when things get overbought they can stay there for a while. The overall market is short term overbought also. Decisions, decisions. The trades are never easy, win or lose.

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