Monday, February 22, 2010
Not really much going on the Monday following option expiration as the Dow lost 19 points on light volume. Advance/declines were about even. Overbought and staying there. The McClellan oscillator is indicating a decent move tomorrow with its action on Friday. I'm guessing it will be to the downside but who knows? I didn't have the guts to get some OEX puts today but there is a lot of time for the March option cycle. The price movement would have to be extensive to make it worth the risk. Gold lost $9 on the futures and the XAU fell 2 1/2. ABX off a point, GG down 2/3 and NEM lost 3/4. Volume was light. The dollar didn't do much today either. No gold share trades for now but we are overbought. I'd be leaning towards the puts though. March is historically the worst month for gold. Mentally I'm feeling OK, slept well enough. We've moved on to the next option cycle and I'm in no rush to put on any trades. Not to mention my confidence is low after last weeks debacle. I'm moving on but don't see anything worthwhile at the moment. We'll see if we get a decent move in the indices tomorrow.
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