Friday, February 13, 2009
Another downer as the Dow lost 82 points on light volume. Advance/declines were negative. We are short term oversold. I bought some OEX calls on the close, expecting a bounce on Tuesday. I could be wrong. This will be an extremely short term trade as I expect to be out on Tuesday. No waiting around on this one. It either works or it doesn't. 4 days until expiration so there is no time for it to work out. Gold lost $7 today and the XAU dropped 2 points. ABX was off a buck, GG down fractionally and NEM fell 3/4. Volume was lighter on the decline. My ABX calls have been cut in half. Can they come back in 4 days? I doubt it. Earnings on Friday and really, should I wait that long? Maybe out on Tuesday or perhaps I'll wait. Decisions to be made over the weekend. Mentally I'm tired, did not sleep well. Taking a chance on the OEX but I'm thinking this is something that could actually work if I don't hang on too long. But you never know. Hard to make a case for owning stocks here but with expiration week there should be some more volatility. Right now it's time for a break from this game and try to come back fresh on Tuesday morning.
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