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Monday, November 15, 2010

The Dow gained 9 points today on lighter volume. We were up over 80 during the day. Advance/declines were negative. The overall market was weaker that the Dow. The market tried to rally but could not hold on. Does that mean tomorrow will be negative? Perhaps. Still short term oversold here. The summation index is heading lower. The path of least resistance is lower for now. Gold was up $3 but sold off in the aftermarket. The XAU fell 3 1/4. ABX and GG were off 1/2, while NEM fell 7/8. Volume was very light. I thought about getting some GG calls today for tomorrows inflation report. However the dollar remains strong lately and gained more ground today. So I didn't do anything. GE was down a bit and the January calls I own dropped into the red. If the market has a significant drop here, this trade may not pan out either. So we'll see. Mentally I'm feeling a bit tired. Expiration week is upon us. We are still medium term overbought. Tomorrow could get interesting considering we are short term oversold. There's a chance it could be a very down day but that is a guess as usual.

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