Wednesday, May 27, 2009
Back to the downside as the Dow lost 173 points on average volume. Advance/declines were over 2 to 1 negative. My overnight order for the OEX puts wasn't filled and perhaps it is too late. We'll see. Todays action will probably send the summation index lower again. I'm still leaning bearish. I'm leaving the OEX put order out there. We haven't broken 880 on the S&P 500. If we get there and fall through I will have to just buy some puts because then we will know that we are heading lower. Not there yet but I think it will happen. Gold was flat on the day but the XAU fell 2 1/2. ABX off 3/4, GG was flat and NEM lost 1 1/4. Volume was average. I'd like to try the gold shares if we fall further before the June expiration. The dollar showed a bit of strength. Overbought on gold and the gold shares. It is time for a rest but the momentum and money continue to go there. I am hopefully not going to chase things there. Mentally I'm feeling OK, could have slept more. End of the month coming up. It looks like today was the day to buy some index puts. I may not get another chance. I suppose I should have adjusted my order but hindsight is always correct. I'll keep an eye on things and will try to be mentally ready for a break of 880 if that occurs.
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