Friday, March 12, 2010
The Dow closed the day higher by 12 points. Volume was average. The advance/declines were positive. The Dow had a gap up at the open and my stop loss order was jumped. I canceled the order since we moved so far away from it. The market came back and eventually the order would have been filled but I'm holding out for another day. It will be a cut the loss scenario at this point anyway. The strength of the market continues to amaze as there hasn't been a down day in the S&P 500 futures for 10 days in a row. I'm probably making a mistake by not just getting out today but the trade has yet to hit the 50% loss threshold. Gold lost $6 and the XAU fell 1 1/4. ABX, GG and NEM all had fractional losses on light volume. The GG earnings came out and there wasn't a pop to the upside as had been the case with ABX and NEM. The dollar had a weak session and it did not help gold. Not sure what it means but it usually isn't bullish. We are in the month of March so I would not expect much upside from gold. I'm on the sidelines there for now. Mentally I'm feeling a bit tired. Not happy that I just didn't book the OEX put loss today. It's one of the problems I encounter during my trading. It would have been better if the stop loss order had been filled and I could move on to the next trade. However now I'm stuck in this for another day. Time is running out with 5 days to go and the market shows absolutely no signs of weakness. And so it goes. So we'll see what happens Monday morning and go from there. Friday afternoon means time for a break.
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