Tuesday, January 12, 2010
Finally a bit of some downside today as the Dow lost 36 points on average volume. Advance/declines were over 2 to 1 negative. The overall market was much weaker than the Dow. I don't think that this is the start of anything big to the downside just yet. We have held at the uptrend line that has been in place since mid-December. We will move quickly to short term oversold after today and it is expiration week which usually has a positive bias. So we'll see. Gold lost over $20 today and the XAU fell 6 3/4. ABX, GG and NEM all lost around 1 1/2 on what goes for average volume lately. The dollar didn't really do much today and was lower most of the day. I don't have any gold share trades in the works at the moment. I'm leaning towards the puts if we break the uptrend line that has been in effect since last July. We are hovering around it at this point. Mentally I'm doing OK, considering yesterdays problems. I did follow my trading rules and I can take that positive away from the experience going forward. There isn't much I can do about lousy or non-execution by the brokerage. Next time I'll make the adjustment if the stop-limit doesn't get filled and just go out at the market. That doesn't make taking the loss any easier but at least I had the proper feel of what was going on with the trade. That's a good thing. 3 days until expiration and the sidelines is where I am and probably where I'll be.
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