Friday, August 28, 2009
The Dow lost 36 points today on average volume. Advance/declines were positive. The market tried to sell off but came back yet again. I still like the OEX puts for the beginning of next week but did cancel my open order for the weekend. So we'll see. Overbought here even with todays action. Gold was up over $10 today and the XAU rose over 2 1/2. ABX, GG and NEM were all up 3/4 or so on average volume for lately. Gold rose despite the dollar going higher. I do like the gold shares on a pullback still. This may be the play for the September option cycle. I could already be too late. There isn't any reason for gold to be moving higher here unless it is some end of the month situation that I'm not aware of. Anything is possible. Again, I'll have to check things out over the weekend and go from there. Mentally I'm feeling tired. We got through this week but there wasn't any decent set-up to take advantage of. Summer is winding down and next week should be busier. I really would find it hard to believe if we don't have some type of drop early in the week. But this market has proven me wrong time and again this year. Employment data on Friday. I'll get busy over the weekend and go from there.
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