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Wednesday, January 13, 2010

Back to the upside as the Dow gained 53 points. Advance/declines were over 2 to 1 positive and the volume was light. Uneventful really as the positive expiration bias is in effect. No OEX trades for now and there are no decent technical signals. Not overbought or oversold at the moment. Patience for now. Gold sold off early and then came back to be up $7 on the day. The XAU gained 2 points. ABX, GG and NEM all had fractional gains on light volume. The dollar was a bit weaker. The uptrend line from July remains intact for now. I do not anticipate getting long here but you never know. Mixed technicals here as well. Plus there is an extra week on the February options. So there's no rush to do anything here. Mentally I'm doing OK, slept well enough. We're moving through January and still grinding our way higher in the stock indices. Gold is somewhat moving sideways. I'm looking for the next trade but do not have any solid ideas at the moment. That will change in time.

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