Pageviews past week

Thursday, October 08, 2015

Continuing higher as the Dow rose 138 points on good volume.  The advance/declines were 3 to 1 positive.  The summation index is moving up.  Overbought and staying there.  We are not seeing a move back to the broken downtrend line.  The market is basically moving straight up.  The rally is for real and a double bottom is in place.  I sold my SPY October calls much too early.  Another bad trade even with a profit.  We'll see if there is any chance to get long again before the expiration next week.  GE was up 1/4 and the volume remains heavy.  Challenging the yearly highs here.  I'd still like to try the November calls here if the chance arrives but it probably won't.  Gold was off about $10 on the futures and the US dollar was a bit lower as well.  The XAU and GDX had slight fractional losses and the volume was lighter than lately.  Still trying to crack the $1150 level on gold.  Mentally I'm feeling a but frustrated for not having a bigger profit on the latest trade.  There was a chance that we would go straight up from the recent lows but I played it safe and just got out as soon as we were overbought.  That was a mistake on my part.  It's always easy to second guess yourself on trades.  But it really doesn't matter.  You've got to move on.  It isn't easy.  We are setting up for a put trade but the way things are moving you would have to be very nimble.  That's something that I certainly am not good at.  Perhaps waiting for some weakness in GE is the route to go here.  Always plenty of questions in the game.  Gold remains range bound.  We'll watch the overnight action and finish things for the week tomorrow.

No comments: