Friday, July 31, 2009
We closed out the month on a positive note as the Dow gained 17 points. Advance/declines were positive and the volume was average. We should trend higher here. Summation index still to the upside. Plenty of time in the August option cycle but no trades for now. Gold had a good day as the dollar got clobbered. The precious metal gained $18 and the XAU rose 5 1/2. ABX was up a buck or so while GG and NEM gained 1 1/2. Volume was better than it has been. Will I get long the gold shares then? Perhaps. I'll have to look at things over the weekend. There's something about the volume that is lacking though. We'll see. Mentally I'm feeling OK. However my focus seems to be lacking. Whether it's the fact that we are in the middle of summer or that my trading thus far this year has sucked, I don't know. The game isn't easy. I'm doing the work as usual but my conviction on trades isn't there at the moment. I'll need to get it together before I attempt the next trade. But for now it's a summer weekend and time for a break.
Subscribe to:
Post Comments (Atom)
1 comment:
Not a good time to buy.
We are about to pull back for a week or so according to Eliot Wave theory. After pulling back to around 960 (or a little lower) on the S&P500, we should have a final blow off above 1000, although the timing is still uncertain. The next wave down in the market when it comes will be longer and deeper than Oct 07 to Mar 09, again according to Eliot wave theory.
I have found a great site with a good track record for intermediate time frames- however, this site will only help you if you play small and think intermediate term. Steady, stressfree gains allow you to rest and free up your time for other productive things. Take it from someone who has learned the hard way.
http://caldaroew.spaces.live.com/
There are free daily and weekend updates.
Best,
R
Post a Comment