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Wednesday, February 02, 2011

Not much happened in the stock market today as the Dow ended the day with a gain of a point on average volume. Advance/declines were negative. The overall market was a bit weaker than the Dow. Waiting on the employment numbers for the markets next short term direction. Today was a pause to digest yesterdays gain in my opinion. GE lost 9 cents on light volume. It doesn't look like I'll be able to get the March calls at this rate unless we see some type of pullback. Hasn't happened yet. Gold lost $8 today but showed gains in the aftermarket. The XAU fell 2 1/4. ABX down 3/4, GG off 1/3 and NEM dropped 7/8. Volume was light on the decline. The dollar gained a touch today. I still would like to try the February ABX calls if the opportunity presents itself. I'll need to see some more decline though. Lighter volume on the decline could be a positive sign unless we are about to enter a sideways range. We'll see. Mentally I'm feeling OK, slept well. Two weeks and two days for the February option cycle. I'd like to try something but I am not about to push things. Bernanke speaks tomorrow and we'll see where we go from there.

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