Friday, February 12, 2010
An interesting Friday before a long weekend as the Dow lost 45 points on average volume. Advance/declines were negative. The overall market was stronger than the Dow. We sold off over 150 points early and fought back all day. The market has the feel that it wants to go higher. The option premiums on the calls have expanded vs. the puts. I may have to forget about the OEX puts but I'll check things over the weekend. Gold lost $4 on the futures and was lower than that early as well. The XAU fell a point. ABX, GG and NEM all had fractional losses on light volume. The dollar was higher today. Getting overbought on the gold shares short term. I don't see me doing any trades there near term. Mentally I'm feeling good, slept well. 4 days to go in the February option cycle. Like I said it feels as though we will be moving to the upside early next week if there are no surprises over the weekend. I perhaps should have gotten some OEX calls today. I was considering the puts actually and I still might try them but it will have to be later in the week next week, if at all. I will have to consider a number of things over the weekend. Risk will be high with so little time remaining. Profit has the potential to be high as well though. The indicators on the weekly charts for the stock indices look like they want to turn back to the upside. Plenty of time this weekend to decide what, if any, action to take. For now it's Friday afternoon and time to take a rest.
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