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Tuesday, November 23, 2010

The Dow fell 142 points today on average volume. Advance/declines were 3 to 1 negative. Tensions in Korea will be part of the excuse. I again placed an open order for some OEX puts overnight but wasn't filled. Summation index continues lower. We are getting close to the 50 day moving average on the S&P 500 and we'll see if it provides support. Getting close to medium term oversold if we're not there already after todays action. GE fell 27 cents and needs to hold in here or I will be forced to sell the January calls early at a loss. I'll try this trade again if that occurs. I'm still a believer in the longer term market uptrend. Gold gained almost $20 today on the Korean conflict news. The dollar also had a very good day on safe haven buying. However the XAU fell 2 1/4 in sympathy with the overall market. ABX, GG and NEM had fractional moves one way or the other on average volume. I'm still interested in the gold share calls but will hold off on purchasing them for now. I don't think the dollar and gold will rise together for an extended period of time. I could be wrong as usual. I'm still thinking about the January gold share calls. I am also considering trying the options on GLD. We'll see. Mentally I'm feeling OK. Tomorrow should be a non event considering it is the day before a long holiday weekend. However there is plenty of economic data to be released. So we'll see what happens.

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