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Monday, June 10, 2013

A lackluster start to the trading week as the Dow fell 9 points on light volume.  The advance/declines were negative.  The summation index continues lower.  Not much to say about todays trading except that I hope it's not the start of a trend.  By that, I mean the summer doldrums arriving early.  Light volume, low volatility trading sessions are common usually during the summer months.  They are not welcome for those of us taking outright options positions.  9 days to go in the June option cycle.  If we drift higher in the next couple of days, I might try the OEX puts.  GE was off a bit on average volume.  Still no trades in mind here.  Gold was up a couple of bucks as the US dollar was off a bit as well.  Quiet trading here.  The XAU was up 1/8.  ABX, GG and NEM all had slight fractional gains on light volume.  My October ABX calls are still in the black but I will have to seriously consider getting rid of them before the summer begins.  Directionless trading will eat away at the option premiums, including ABX.  Perhaps I'll be able to buy them back later in the summer.  Just a thought for today, we'll see what happens going forward.  Mentally I'm feeling a bit tired, did not sleep well.  We got the oversold bounce at the end of last week for the stock indices and kind of stalled out today.  We'll see if the bounce continues tomorrow.  Some economic data out this week.  Probably the most watched will be the retail sales report on Thursday.  Gold didn't do much today and it could be a week of sideways non movement but that's just a guess at this point.  Gold hasn't moved in line with the US dollars recent decline and that isn't really positive.  The crash lows have held up so far though.  We'll keep an eye on things overnight and go from there.  

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