Tuesday, October 27, 2009
Kind of a sideways type of day as the Dow gained 14 points while the overall markets were weaker. Volume was average and the advance/declines were negative. Summation index still pointing lower. Oversold here so I would expect at least some type of bounce soon. GDP on Thursday and that will be a mover in my opinion. Is it too late for some OEX puts? we'll see. Gold lost $7 in the futures market but came back a bit in the aftermarket. The XAU lost 2 1/4. ABX and NEM were flat, while GG lost 3/4. All on average volume. Earnings on Thursday as well for ABX and NEM. The dollar had a slight gain today. Oversold on the gold shares here and that has been a buying opportunity for the past few months. I'm leaving in an open order for the November GG calls. Mentally I'm doing OK, slept well enough. We are getting very oversold on the McClellan oscillator and I would expect at least some type of bounce soon. I'm getting the feeling this decline may be more than what we have seen lately but I've been consistently wrong this year. This could just be an end of October phenomenon. We'll know soon enough.
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