Wednesday, November 18, 2009
Tried to sell off again and the Dow only lost 11 points. Advance/declines were negative again and the volume was nothing special. Moving sideways here basically but that could change soon. Not that I have any idea of which way we'll go. Summation index still heading higher. No OEX trades in the works and I'll consider it a victory if I don't make a trade before Fridays expiration. Gold ended up a couple of bucks but was higher early. The XAU lost 2 3/4. ABX lost 1 1/3, GG off 2/3 and NEM dropped a touch. Volume was average. These shares really need to take a rest and I am no longer looking at the calls there. For now that is. If we get a decent pullback then I am ready to try that trade again. The dollar lost ground today as it is also basically moving sideways here as well. Mentally I'm feeling a bit tired today. Just a couple days left before the expiration and then a holiday week. I think it's time to be relaxed and take it easy. Perhaps there will be a good trade for the December cycle but there is not reason to put it on now. No clear signals and most everything is overbought. So I'm going to try and sit tight for now.
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