Sunday night with the S&P futures up a little and so is gold. No trades in the OEX for now. I will be buying some gold calls this week if the market cooperates. As I mentioned before the dollar is on the cusp of breaking a multi-year downtrend line along with the XAU just about to break its weekly uptrend line. I will be trading as if those lines will continue to hold. I believe they will. If they don't then I will simply get out of any trades taken. I think the GDP report on friday will be weaker then expected and the dollar will head lower. NEM has earnings out on wednesday. I will try to let that pass before taking a position. The options still have 4 weeks left for August. Who knows, I might even be patient and let a base develop but I doubt it. I think any rally in the stock market will be short-lived or sold into at this point. Puts will be the play there as conditions warrant. It is a most difficult game to play. Volatility has picked up. Am I up for the challenge?
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment