Tuesday, February 09, 2010
The Dow rose 150 points on good volume today. Advance/declines were over 3 to 1 positive. We were oversold and due for a bounce again. We were up over 200 at one point but 150 points isn't bad for the bulls. Rumors of a Greece bailout helped. We are definitely choppy here and it makes for tough trading on the OEX. I'd still like to try some puts before expiration though. Gold was up $11 and the XAU rose 5 3/4. ABX up over a point, GG up 1 1/2 and NEM up 1 1/3. Volume was good. The dollar took a good hit on the Greece rumor, which helped the price of gold. My ABX call order wasn't filled. The volume has picked up on the upside moves in the gold shares. That should be bullish going forward. I may try the ABX calls again or perhaps GG. But I'll have to see a pullback from here and that may not happen. Mentally I'm a bit tired, did not sleep well. The market has speeded up here and I haven't been able to make the decisions to keep up. Well at least I haven't lost any money but I haven't made any either. Option premiums have risen with the increase in volatility. However with just 7 days left in the February cycle, time premium will be sucked out at a rapid pace. So we'll see what happens.
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