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Friday, September 21, 2012

A slight one day reversal to the downside as the Dow opened higher and closed lower.  The major average finished the day with a loss of 17 points on expiration good volume.  The advance/declines were positive.  I think we are just waiting for the next leg up at this point.  I've been expecting some end of September weakness and it is just not happening.  The Dow transports continue to fall though.  I don't have any trades in mind for the OEX at the moment.  GE was up 1/8 on average volume.  I'm waiting for an entry point there as we are both short and medium term overbought.  Or you could just say that I missed the move higher unless we simply continue to move straight up.  Gold gained $7 on the futures as the US dollar lost just a touch.  The XAU was up 1 3/4.  Remaining very overbought here on a short term basis.  I really cannot try the calls here unless we work off some of the overbought condition.  ABX and GG had fractional gains, while NEM had a fractional loss.  Volume was good.  I'm still keeping an eye on the October calls for the gold shares.  Mentally I'm feeling OK.  There still aren't a lot of sellers of stock here.  The presidential re-election rally remains in place.  Rallies can last longer than you think and that seems to be the case with this one.  Gold continues to move higher and there aren't any sellers there either.  I'll simply have to try and remain patient.  We'll start the October option cycle on Monday and go from there.  It's Friday afternoon and time for a rest. 

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