Thursday, September 17, 2009
The Dow took a pause today as it lost 7 points. Advance/declines were negative and the volume was expiration heavy. It has been quite a run and who knows if it is over? However we are approaching some key down trend lines on the major indices and the summation index is about as high as it ever gets. So we'll see what happens. We certainly have gone quite some time without some sustained selling. Gold lost around $6 on the futures. The XAU dropped 3 points. ABX and GG had fractional losses, while NEM was off over a buck. Volume was pretty good. The dollar lost more ground but not much. I think my next trade will be in the gold shares. It was a valid break out to the upside in my opinion. GE closed lower today on very heavy volume and perhaps it will lead the way lower from here or at least sideways for the stock market. GE has been very strong as of late. Mentally I'm moving on from the latest horrible trade and looking forward to getting it right the next time. You take your shot and move on in the game. It hasn't been a good trading year as I've stated here numerous times. There's still the 4th quarter to go and I'll try my best to get things right. Expiration Friday tomorrow.
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