Wednesday, December 10, 2008
The Dow gained 70 points today on lighter volume. Advance/declines were 2 to 1 positive. It was an up and down day as the market decides what it wants to do here. I still feel that we are going higher even if we do have some weakness near term. I would use that weakness to purchase some January calls. That's the game plan at the moment. Gold had a great day, up $35. The XAU rose over 10 points. ABX, GG and NEM all up over 2 1/2 on expanding volume. We are breaking the weekly down trend line in the gold shares. Overbought here but we could stay there. I'm not feeling good about missing this move but there will be others. Friday was the day to get calls here as well. GE was up a touch on light volume. I'm waiting to get the January calls here. That will most likely be the next trade. Mentally I'm doing OK. I get the feeling here that we will be going a bit lower before we start to rise again. I could be wrong. Option expiration is next week so anything goes. Also there is a Fed meeting on Tuesday. I really need to focus here more but I haven't been able to do it. My ideas seem like that they would have worked right now but I haven't done any trades. I don't know what to say about that. Not enough guts and concentration. It isn't an easy game.
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