Wednesday, February 24, 2010
Back to the upside as the Dow gained 91 points on average volume. Advance/declines were over 2 to 1 positive. The trend is up as the summation index continues higher. Declines look like they can be bought at this point but that is subject to change. The option premiums are actually favoring the OEX puts now, which implies downside ahead. So perhaps the trend is sideways and not up. I have no clear idea, obviously, at this point. The sidelines are the place for me for now. Gold lost $6 and the XAU fell a point. ABX, GG and NEM all had fractional losses on light volume. The dollar was little changed. I don't have any trades in mind for the gold shares here as well. This looks like a week that I will probably let pass. Mentally I'm feeling OK, could have slept better. Moving towards the end of the month. I have no good signals at the moment so it's a waiting game. I'll try my best not to do anything stupid but you never know.
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