Thursday, November 12, 2009
Finally a little decline as the Dow lost 93 points on light volume. Advance/declines were 4 to 1 negative. The summation index should be pointing down now again. Perhaps we are just starting to work off the short term overbought condition. Expiration week looms though. The smart play for me here is probably to stay on the sidelines. That doesn't mean I will though. Gold took a drop too, down $8 on the futures. The XAU fell almost 5 points. ABX and GG both lost over a buck while NEM led the way down, off 1 1/2. Volume was average. If I'm going to try the gold share calls, this could be the place to try. I may leave in an overnight order. It's risky though. The dollar had a good day and that figures into the mix. 6 days left on the November options. Mentally I'm feeling OK, slept well. We've gotten some decline today. The question is whether it's just a short term move before we head higher next week or something else. I'll have to look at things tonight and figure out if a trade here is worth the risk.
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