Friday, December 04, 2009
An interesting day as we opened higher, gave it all back and then some, only to return to the upside by the end of the day. The Dow gained 22 points on good volume. Advance/declines were positive. The employment report was much stronger than expected which caused markets to move with volatility. We are still in a sideways trading range with regards to the S&P, even with all the gyrations today. No OEX trades still. I don't have any good signals yet. Perhaps before the December expiration. Gold got hammered as the dollar rose on the employment news. Gold lost about $50 and continued lower in the aftermarket. The XAU fell 10 1/2. ABX off over 4, GG and NEM fell 2 3/4. Volume was heavy. I still like a January trade in the calls here and will be looking for an entry point in the next 2 weeks. Perhaps the game has changed here for a while. I'll check the charts over the weekend. Gold did go parabolic and a drop was to be expected. Mentally I'm doing OK, slept well. Now the employment report is out of the way. The overall market has been stronger than the Dow and that could be a sign of good things to come on the bullish side. We will break out of this trading range eventually one way or the other. I'll be looking over the charts this weekend and take it from there. For now, it's time for a break.
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