Friday, June 05, 2009
We were up, we were down and we ended up about where we started. The Dow gained 12 points today on average volume. Advance/declines were slightly negative. The employment report showed more job losses but not as much as expected. The market couldn't make up its mind what to do. My OEX puts are showing a loss and now the time factor is coming into play since they are so far out of the money. The RSI is still showing the negative divergence and I'm a believer in that. I'll ponder things over the weekend. Gold took another hit as the dollar had a good day on the job numbers. The precious metal lost $20 and the XAU dropped 6 3/4. ABX and GG lost 1 1/2, while NEM fell 2 1/2. Volume was average. The weekly charts for the gold shares will turn bearish for now. I'm still a believer in the gold shares but will stay on the sidelines until we get oversold. Perhaps the August or September options. Mentally I'm a bit tired did not sleep enough. I would have liked to have seen a sell off in the market today but it continues to hang on. The volume wasn't anything that great though. The overall market was weaker than the Dow. The problem is that things could slow down and my OEX puts will wither away. I'll check to see what reports are coming out next week to be potential market movers and go from there. The weekend has arrived and it's time for a break.
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