Tuesday, June 16, 2009
Another downer as the Dow opened higher and closed lower. The index lost 107 points on light volume again. Advance/declines were 2 to 1 negative. The trend appears to have changed. The summation index has rolled over. We will be short and medium term oversold if we are lower again tomorrow. I expect a decent move to the upside within the next 2 days. It will be just a bounce if it occurs. I don't think I'll try and play it but perhaps. Gold was up $5 today but the XAU only gained 2/3. We were much higher early on in the day which gave me a chance to sell the GG calls at a profit but I held on. It was foolish to be sure. ABX was up 1/2, GG up 3/4 and NEM barely managed a gain. They were all higher early as we got the bounce that I anticipated. But I didn't sell the calls when I should have. It is a repeat of the previous trade where I knew that action on my part was required and I couldn't pull it off. My trading is definitely in a funk. Back to gold, the dollar was weaker today despite good economic news. Inflation data out again tomorrow. Mentally I'm tired, not enough sleep again. Very disappointed in my performance today. I think that the short term trades just aren't my style at the moment. You really have to be sharp and right now I am dull. I should probably stick with the position trades because they don't move as fast. Especially right now when my trading is horrible as I've stated before. This year has been tough on me for sure as we approach the halfway mark. 3 days left on the options and I don't have a good feeling about how this GG trade is going to end.
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