Friday, September 04, 2009
The upside continued today as the Dow gained 96 points. Advance/declines were almost 4 to 1. The volume was light however. It could be holiday related or it could be that this is just a bounce. My thinking is that it's the latter. But who knows? We'll find out going forward. I did sell the OEX calls I bought yesterday for a 60% gain. Finally a trade that I did some things correctly. We could move higher on Tuesday but I'll be focusing on getting short. Gold lost a buck but it has been quite a week. The XAU followed the overall market and was up 2. ABX, GG and NEM all had fractional gains on lighter volume. If we get some type of pullback, I'll try the gold share calls. The breakout is for real in my opinion. There is also a chance we just go straight up for the September option cycle as well. I really needed to be quicker there and perhaps more focused. The dollar lost some ground today. The employment report showed less job losses than expected which helped the overall market. But I get the feeling a lot of participants were leaving early for the last long holiday weekend of summer. Mentally I'm feeling OK, slept better. A decent trade helps things going forward as well. I'm sticking with the prognosis that the decline isn't over and I'll be looking at the OEX puts next week. Plenty of things to look over during the long weekend. For now it's time for a break.
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