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Tuesday, January 26, 2010

Could not hold on to the gains again as the Dow lost 2 points. We were up over 80 at one point during the day. Volume was average and the advance/declines were negative. Seems as though the market wants to head back to the downside. Waiting on the Fed tomorrow. Oversold still and now staying there and that isn't a good sign. Getting short on a bounce is the plan for the OEX at this point. Gold was up a couple of bucks but the XAU lost a point. ABX, GG and NEM all opened lower, came back to have nice gains and then gave them all back to finish around unchanged. Volume was light to average. The dollar had gains on the day. My ABX calls are still negative and will get stopped out if we have a negative day tomorrow. This doesn't look like a very smart trade at this point. But we'll see. Stranger things have happened. The gold shares are very oversold and have yet to get a bounce. Mentally I'm doing OK, could have slept better. I need to be looking at exiting the ABX call trade this week. I'll have to be out at the first bounce. It just doesn't have the feel of something that is going to work out. We'll see if the Fed announcement can get things going one way or the other.

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