Tuesday, December 12, 2006
The Dow lost 13 points on good volume. Advance/declines were negative. We were down over 50 points at one point but came back after the Fed announcement. I did put in an order for OEX puts and was filled. They are slightly under water. The Dow and the OEX would have been down much more but GE made a positive announcement. That issue alone helped the Dow stay up. Volume has gone up on the downside but I am not so sure of this trade. The stop-loss order is in. Retail sales will be announced tomorrow and we will key off of that. We'll see what happens. If we do head higher it will be solid because we will be breaking through resistance. If not then today was the final gasp up for the bulls. Gold was down a bit today , depending on which market for gold you looked at. The XAU was hit hard early too but also came back. NEM held up pretty well. The volume was so-so. I'm not looking to do anything there at the moment. So I'll wait until tomorrow. Expiration week has had a positive bias lately but we haven't seen much this week. I certainly don't want to wait until Friday for these puts. At this point I feel there is a good chance I will be stopped out. It isn't the greatest trade in the world. However if the market can't break through to the upside here, it will be worthwhile. Mentally, I'm a bit tired but ready to move on.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment