Wednesday, September 02, 2009
The Dow lost 30 points today on average volume. Advance/declines were negative. We traded sideways for most of the day. Summation index still heading lower but I do expect some buying in the next 2 days before the long weekend. If we don't see some rally then things are going to get a lot worse than I think. So we'll see what happens. Gold broke out to the upside today, gaining over $20. The XAU rose 12 1/3 points. What a move! ABX up 3, with GG and NEM better by 3 3/4. It was incredible to say the least. Volume was heavy, that tells me that this is for real. I was trying to buy calls all day and never got filled. I probably should have just gotten in at the market. I'm leaving in an order overnight again. This could be one of those rare times where you just want to jump on board and see how far it goes. The money is flowing here and you can't argue with that. Yesterdays volume in ABX should have been a tip-off. Oh well, there's still going to be some money to be made there. Mentally I'm feeling a bit tired, did not sleep enough. So now that we've had the gold breakout, it would be prudent to wait until it takes a rest in order to get long. But it may not and that's what makes it difficult. I'm going to try something though. However, if we get a bit of a rally in the OEX in the next few days, I'll be looking at the puts there. Looks like summer is over and perhaps volatility is returning to the markets. On to tomorrow.
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