Thursday, August 27, 2009
Once again the market tried to sell off and it came back again. The Dow gained 37 points on average volume. Advance/declines were positive. I'm leaving in the open order for OEX puts but the market seems like it wants to go higher. So why leave in the order? There is a sell signal being generated by the RSI. We have higher prices and a lower McClellan oscillator. When the technicals give a signal, I'm going to take a chance. I also don't believe the summation index can go much higher. We'll see. Gold was up a few bucks today and the XAU gained 2 3/4. ABX up 1/3, GG up 7/8 and NEM up 3/4. Volume was light. The dollar was weaker today. It is hard to make much of what is going on here because the volume is so light. If we do get the expected pullback in the market, I will be getting long the gold shares. If all goes according to plan that will happen at the beginning of next week. But the best laid plans rarely come through. Mentally I'm doing OK, could have slept better. So if we get some rally tomorrow perhaps the open OEX put order will get filled and the trade will be on it's way. If we drop tomorrow, then I'll wait for Monday and look to get long the gold shares. That's the game plan as of today.
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