Pageviews past week

Friday, March 18, 2011

A positive option expiration Friday as the Dow closed higher by 84 points. Advance/declines were over 2 to 1 positive and volume was heavy. We were higher during the day as the market opened very strong but then we drifted lower throughout the day. I think we will move sideways from here to back and fill. Or perhaps the downtrend will start to gain momentum again. It's all a guess at this point. We're still oversold and the summation index continues moving lower. But the earthquake/tsunami event is over. Once the nuclear power plant problem is contained perhaps the market won't be driven by events for a while. We'll see. GE opened higher and sold off for the rest of the day to end up basically unchanged. Volume was average there. I don't plan on any trades in GE for now. Of course, that could change. Gold had a good day today, up $15. The XAU gained 2 1/4. ABX and GG each rose around a buck, while NEM was flat. Volume picked up a bit today. The dollar took another hit today and that supported the price of gold. I would have liked to have seen a better move in the gold shares but it didn't happen. I'm still interested in the April or May gold share calls. Maybe next week if we get some weakness on light volume. I'll have to check the charts over the weekend. Mentally I'm doing OK. A losing GE trade this week but the damage was minimal. I'm looking for the next trade. We had a huge spike in volatility this week. I don't think that will continue but I could be wrong. A lot of indicators are pointing more towards a bottom in prices for the indices here. So as usual it's a mixed picture as we move into the April option cycle. I'll check things over the weekend and go from there. For now it's Friday afternoon and time for a break.

No comments: