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Wednesday, March 03, 2010

In a holding pattern as the Dow lost 9 points on average volume. Advance/declines were positive. A rerun of yesterday as we were higher and then came back. I did place another order for some OEX puts but canceled it halfway through the trading day. We are either building a short term top here or consolidating before we move higher. I'll have to see how tomorrow shapes up before I decide what to do here. We are overbought but the internals are saying higher prices are ahead. Gold gained $5 today on a weaker dollar. The XAU rose 2 1/3. ABX, GG and NEM were all up at least 1/2 on average volume. We did break a daily downtrend line in the gold shares this week. However with March being a historically poor month for gold, I'm leery of getting long. But it looks as though the dollar may have topped out here as well. So it's a split decision and I have no trades there for now. Mentally I'm doing good, slept well enough. I had wanted to get short before the employment report and I still might do it. But I cannot rule out that the market will be going higher here and that would kill any trade in the OEX puts. So perhaps I will not do anything and stay on the sidelines. I check things over again tonight and go from there.

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