Thursday, October 22, 2009
Back to the upside as the Dow climbed 132 points on average volume. Advance/declines were positive. The summation index rolled over yesterday so todays market action is puzzling. My inclination is to not believe the rally but that hasn't been the case for quite some time. We are still in a sideways channel here for the major indices. No trades on the horizon at the moment in the OEX. Gold lost $5 today as the dollar stabilized. The XAU didn't do much. ABX, GG and NEM all had fractional losses on light volume. If anything, I might try the gold share calls. Earnings out next week for ABX and NEM. We'll see. Mentally I'm feeling OK. It looked to me as though the Dow was stronger than the overall market today. The advance/declines were not as strong as you would expect for a market up over 100 points. Perhaps it's a warning sign. So I'm really in no hurry to put on a trade here. I'm going over my trading rules and will be making some changes. That is something positive, hopefully, that has come from this years trading account carnage. We'll get through Friday and go from there.
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