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Thursday, September 02, 2010

The Dow tacked on another 50 points today on light volume. Advance/declines were over 2 to 1 positive. The summation index has now turned positive. It was quite impressive actually, considering yesterdays huge gain. The trend is up. My OEX puts are dead and all that's left for this trade is calculating the loss. Employment numbers tomorrow and the only hope is that they are weaker than anticipated. You can't trade on hope though. The sellers have disappeared. Just another mistake in the many of this year. Gold was up $5 and the XAU gained 2 1/8. ABX and GG were basically flat, while NEM gained 1 1/4. Volume was light. The dollar didn't do much today. Gold still looks like it could break out to a new high. But the big cap gold shares are nowhere near their old highs. Mentally I'm feeling OK. All eyes wait for tomorrows numbers. It's also a Friday before a long holiday weekend. The volume could be lighter than usual. But volume has been light for quite a while. So we'll see how it goes tomorrow and take it from there. I don't expect this OEX trade to be saved, even with a weaker number than expected.

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