Thursday, September 10, 2015
A day of just hanging around as the Dow gained 76 points on good volume. The advance/declines were slightly positive. We have built a triangle after the huge decline on the daily S&P 500 chart. Waiting on the breakout from that. My story is the same, not a good idea of which way to go here. Only six days remaining in the September option cycle. We've got the Fed next week and I suppose if you can figure out what the market will do on that, you'll make some money. I'll have to wait for a technical signal. That is the prudent approach for now. Could change at any time. GE was up 1/8 and the volume was good. patience for the November calls here. Gold was up $7 on the futures as the US dollar fell today. It didn't help the gold shares as both the XAU and the GDX were barely moved. Volume was light, continuing the non interest for the precious metals. Mentally I'm feeling OK. Kind of in a funk here with my trading. No good ideas for now. I'm not sure if it because of the overall market environment or the fact that I'm holding onto a big losing trade in ABX. Probably a combination of the two. I'd like to try a trade with the SPY before expiration but I don't want it to be just a guess. I'll let tomorrow go by and consider the scenarios over the weekend. The ABX trade is dead, even with a little over five weeks to go on it. Another mistake but I'm waiting for some kind of bounce to cut the loss a bit. May not happen. The world markets did not have any upside follow through last night. We'll keep an eye on things overnight and finish up the trading week tomorrow.