Thursday, June 11, 2009
The Dow rose 32 points on average volume. Advance/declines were 2 to 1 positive. We were up 125 at one point but sold off in the last hour. I dumped the OEX puts for a 75% loss. I couldn't hold them any longer and should have just gotten out yesterday as I said before. It's always a battle with myself and it shouldn't be. It was the biggest dollar loss of the year so far. I would not be surprised if we go lower from here but the puts were too far out of the money with 6 days left. I might try again next week depending on what happens between now and then. A better strategy may be to just hit the sidelines. Gold was up $6 as the dollar took a pretty good hit. It was interesting that we didn't rise further. The XAU lost around 1/2. ABX and NEM were down 1/3 while GG gained that much. Volume was light as it has been lately. The dollar was down sharply and gold did not rally as it has lately. That says to me that gold is not about to start an up move here but I could be wrong. And have been a lot this year. Mentally I'm feeling OK even with taking the loss today. Expiration is next week and the risk is getting higher for the June cycle. We are almost through he first half of the year and my results have been terrible. I'll have to do better from here. We'll see about tomorrow and go from there.
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