Pageviews past week

Thursday, September 15, 2011

An expiration week rally as the Dow gained 186 points on lighter volume. The advance/declines were 3 to 1 positive. Summation index moving higher. We've broken the downtrend lines on some major stock indices and the trend is now up. Getting short term overbought here. No trades in mind for the OEX at the moment. We'll be rolling into the October option cycle on Monday and they have an extra week. Premiums will be higher than usual. GE was up another 1/3 on lighter volume. Still looking to go out to the January options there. Perhaps next month. Gold took a hit today as the flight to safety trade looks like it got unwound a bit. The precious metal fell $45. It came back a bit in the aftermarket. This happened despite the US dollar taking a good hit today. The XAU was up 1/3. The gold shares sold off early but made a comeback. ABX up 1/8, GG down 1/3 and NEM up 1/8. Volume was light. I'd like to own some calls before the next earnings reports here but that is over a month away. Getting oversold here but not there yet. Mentally I'm doing OK. I've put yesterdays dumb trade behind me and I'm looking ahead. That's really all you can do. No solid ideas at the moment. It looks like we'll be heading higher near term. We'll get through the expiration tomorrow and go from there.

No comments: