Thursday, September 03, 2015
We began the day in rally mode but drifted down from the highs for the rest of the session. The Dow gained 23 points on average volume. The advance/declines were almost 2 to 1 positive. The NASDAQ was lower though. So we are getting some mixed signals ahead of tomorrows employment report. Tomorrow should be interesting and it is on the cusp of a long weekend for the US stock exchanges. I don't have a good feel as of what to expect. The short term technical indicators are not signaling one way or the other. GE was off a few cents and the volume was average. n No rush to trade here. Gold fell almost $10 on the futures as the US dollar was higher today. The XAU and GDX had slight fractional losses again on light volume. Perhaps the jobs report will get gold moving. My ABX October calls remain mired in the red. Mentally I'm feeling OK. Tough markets to trade here with the volatility and huge single day moves without much follow through. You really have to be nimble and a very short term trader. These traits are not my strong suit. That said, I would still like to try a trade with the SPY options in the September option cycle. However I will be waiting for some kind of decent signal. Haven't seen one yet and there is the possibility that none will arrive on cue. So we will have to simply wait it out for now. I don't see myself taking any positions before this long holiday weekend but you never know. Gold remains a wasteland at this point for trading capital. My only hope for the ABX trade is that a double bottom is being formed right now on the daily charts. Once again, hope is not a trading strategy. Perhaps I'll take the loss in the middle of this month if we don't start to move higher here. All eyes on the market reaction to the employment numbers tomorrow as we close out the week.