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Wednesday, June 02, 2010

Back to the upside with a vengeance as the Dow gained 225 points. Advance/declines were better than 4 to 1 positive and the volume was average. The market is trying to hold on and it looks like it should succeed. But tomorrow is another day as we move back and forth here. We haven't made it to the down trend line yet but could tomorrow. I'm still leaning towards getting the OEX puts if and when that happens. However if we bust through the line on good volume, we'll know that the decline is over. Hasn't happened yet but it looks like it will based on todays action. Employment news on Friday. Gold lost $4 but the XAU was up 4 points following the overall market. ABX was up 1/2 while GG and NEM tacked on about a buck apiece. Volume looked a bit light there. You can't argue with price though. The Gold/XAU ration flashed another buy signal at the beginning of this shortened week. The dollar was up a touch today after being higher early. The gold shares continue to move higher but the volume has been light. No trades there for now. Mentally I'm feeling tired, did not sleep well. We should get some upside follow through tomorrow. I believe that I'll try to get some OEX puts if we reach 503 on that index. That is the level where the down trend line comes into play. That's the game plan at the moment.

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