Wednesday, June 10, 2009
The Dow lost 24 points today on better volume. Advance/declines were negative. A late day comeback occurred as we were down over 100 at one point. I put in a late limit order to sell the OEX puts but it doesn't look like it will get filled. I probably should have just bailed out at the market. We have basically been in a sideways going nowhere market. Puts or calls won't do well in such an environment. I can't wait forever on this trade and I'll have to bail out tomorrow. Gold was flat today and the XAU lost a point. ABX was off a buck while GG and NEM had fractional losses. Volume was good for ABX but light on the others. No gold trades for now but the gold shares are getting oversold. Mentally I'm feeling OK. Not happy with my reactions today as it looks like the market will just not sell off. Perhaps there is so much liquidity that has been pumped into the system that it has to go somewhere. I don't know what is keeping the market up at this point. Sideways is how we've been moving and perhaps that is the trend for the summer. Retail sales out tomorrow and that should be a mover. Unless we get a huge drop I'll be banking a loss.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment