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Tuesday, November 20, 2012

A day to digest yesterdays gains as the Dow lost 7 points on light volume.  The advance/declines were positive.  The market sold off during the session when big Ben Bernanke spoke.  Hard to get a good grip on what is going on this week since it is a holiday week and lightly traded.  You really just have to hang around until all the players return next week.  GE was flat on the day with the same light volume.  Gold dropped a bit, off $10 on the futures despite a flat US dollar.  The XAU fell 1 1/2.  ABX, GG and NEM were little changed or off just a touch.  Volume was light.  My January ABX calls are still in the red.  Mentally I'm feeling OK.  Just 2 trading days left in the week and we'll close early for Fridays trade.  It is a time to simply sit tight.  The time premium will decay for the options.  I don't expect a lot of movement in the stock indices until next week barring some type of unexpected event.  It is a time to relax, go over the charts and your trading ideas.  Preparation for next week would be the prudent course of action for now.

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