Pageviews past week

Wednesday, May 18, 2011

We got a bounce today as the Dow gained 80 points on light volume. Advance/declines were 3 to 1 positive. We will find out soon if this is an actual trading bottom or just a bounce. A case can be made either way I suppose. The summation index is still heading lower but we will have to see what todays action says. No OEX trades in mind with just a couple of days left for this months option cycle. GE gained back what it lost yesterday. Volume was average. Still in a trading range there. Gold gained $15 on the futures. The XAU gained 2 1/4. ABX, GG and NEM had fractional moves one way or the other on light volume. The US dollar was flat. I'm leaving in the open order for the GG June calls. Not close to getting filled as of yet. I'm still a believer in this trade for now. The gold shares remain oversold. Mentally I'm feeling OK. Not much else to report today. A simple waiting game is what it is now. We'll see if GG pulls back a bit more to fill the open option order and take it from there. That may or may not happen.

No comments: