Wednesday, November 04, 2009
We opened up strong and rallied after the Fed but then gave most of it back. The Dow gained 30 points on average volume. Advance/declines were positive. We were up well over 100 points a couple of times. The Fed said nothing new so now we wait for the employment report on Friday. Summation index still pointing down but it might be trying to turn up soon. The overall market was weaker today as we flip flop with that scenario day after day. Gold had another good day and another record high. We were up $8 in the aftermarket. The XAU only gained 1 1/3. The gold shares were mixed with ABX and NEM up about a buck on strong volume. GG was the laggard and lost 1/4 on good volume. GG was weak all day ahead of the earnings and I was stopped out of the GG call trade. I moved the stop up after seeing the weakness. I kind of wish I still was in the trade. The dollar was weaker today and should head even lower. Gold is rallying strong. GG was weak all day and my stop was barely hit. The trade gained about 150% but I feel it could and should have been much more. Who knows, I may try it again before expiration. Not sure why GG was the weakest of the bunch but that's the one that I owned and you just have to deal with it. We'll see how it reacts to the earnings. Mentally I'm doing OK, could have slept better. The market remains volatile here. Might stay that way for a while. I wouldn't expect much movement tomorrow ahead of the employment report but anything can happen. I'll try to put the GG trade behind me and move on. It was one of the rare winners for this year.
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