Thursday, March 19, 2009
It was a down day on the street as the Dow lost 86 points on average volume. Advance/declines were about even. We were and still are overbought and we are at resistance. So some selling was expected. I dumped the OEX puts but certainly could have done a better job there. The gain was over 50%. With only one day left in the March cycle, as much as I wanted to hold on for another day, I had to sell them. I wouldn't be surprised to see the market down tomorrow as well. But I decided to cut the risk. Gold was up another $40 today in an incredible move since the Fed announcement. It's where I should be. The XAU tacked on another 7 points. ABX up 1 1/2, GG up 2 and NEM up 2 3/4. Volume heavy again. Price and volume moving there and that tells me it's for real. I'll be looking to get long on any pullback. GE had a one day reversal, opening higher and closing lower. It ended down 20 cents on heavy volume. It could be a sign for the market to move lower near term. It led the way on the upside. Mentally I'm feeling tired with not enough sleep in the past couple of days. I certainly could have gotten a better price on the OEX puts today but got a touch greedy. I also think that holding them overnight might have worked. But there's nothing I can do about it now. Decisions must be made and then you move on. It's never easy in the game. I'll try and do better the next time.
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