Friday, October 16, 2009
A little downside today as the Dow lost 67 points on expiration Friday. Volume was average and the advance/declines were negative. We got some poor earnings reports from IBM and GE. At least they were viewed as poor regardless of what the numbers were. We were way overbought anyway. Summation index is moving sideways at this point. I can't say that I have a good grasp of what is going on, as I have had many losing trades this year. We can't stay overbought forever though. Gold was flat and so were the gold shares. The XAU was up 1/2. ABX, GG and NEM had fractional moves one way or the other. Volume was nothing special. The dollar was up a touch. Gold is overbought as well. I'd still like to get long here at some point. Mentally I'm feeling OK, slept well enough. Another expiration has passed as we move to the November cycle. There is an extra week on the November options, so I'll be in no rush to put on a trade. I may be done for the year anyway. I'll look over things this weekend and go from there. It's time to take it easy and enjoy the weekend.
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