Pageviews past week

Wednesday, June 09, 2010

Opened higher and closed lower as the Dow lost 40 points on average volume. Advance/declines were about even. Hard to say what will happen next as we move sideways attempting to hold around the important 1060 level on the S&P 500. I still have an open order for some GE July calls. My thinking is that we will hold up here but that could all change tomorrow. Oversold on the daily charts of the indices. However the summation index continues lower and we haven't seen a selling washout that usually accompanies a bottom. Gold lost $15 on the futures but came back in the aftermarket. The XAU fell over 2 points. ABX and GG fell about 5/8. NEM dropped 3/4. Volume was light to average. I placed an open order for some ABX June calls. ABX would have to have a pretty good drop for this order to be filled. The daily chart isn't looking exactly bullish but if we get to the 50 day moving average line on a pullback, then I'm willing to take the risk. The dollar fell a bit today. There is still a lot of uncertainty out there. That's the feeling that I get. Mentally I'm a bit tired, could have slept better. Only a couple of days left in the week and who will be buying stocks in this atmosphere? So I have a couple of open orders out and we'll see what happens.

No comments: