Wednesday, June 17, 2009
A back and forth type of day as the Dow lost 7 points on better volume. Advance/declines were negative. We are oversold and I would have to say that tomorrow will be positive. I would be surprised if we did not end up for the day. That said, the summation index is pointing down. 2 days to go before expiration so perhaps we'll get some volatility. Gold was up $3 but the XAU lost 3/4. The gold shares were down for most of the day and ended up little changed. Volume was light. The gold shares tracked the overall market. The dollar was weaker and it didn't move things to the upside. That is troublesome. I've still got the GG calls that are losers. They are out of the money and I'm lucky they even have a bid really. It's going to take a big move in gold just to have a small loss here. I'm only holding them at this point because I expect strength in the stock market tomorrow. It just wasn't a good trade but it could have been. I've seen crazy things happen in gold though so we'll see. But it's dead. Mentally I'm tired once again as it has been a get up early type of week. I don't see any trades on the horizon when I'm through with this one and it may be time to step back and take a break. It is summer after all. We'll see.
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