This blog will describe Jimmybees latest Market thoughts. It also will include thoughts on Jimmybees ongoing trading.
Thursday, March 04, 2010
The Dow gained 47 points today on light to average volume. Advance/declines were positive. Short covering today? I don't know. The market action kept me from purchasing the OEX puts that I had wanted to get before tomorrows employment report. I did not want to take the risk. My ideal scenario now would be a positive day tomorrow and then a purchase of the puts on follow through upside Monday. But how often does the market do what you'd like? Summation index still heading higher. Gold lost $10 today and the XAU fell 2 1/4. ABX and GG had fractional losses, while NEM dropped a buck. Volume was average. The dollar had a good day. I'd be inclined to short the gold shares here but I probably won't. Perhaps if they build a multi-day top. Overbought on a daily basis there. Mentally I'm feeling good, slept well enough. So it looks like I will let the employment report pass and take it from there. 11 days in the March option cycle to go. So there is plenty of time to put on a trade. I'm trying to let the technicals line up for something here. If tomorrow is to the upside, then I think there will be a low risk opportunity to get short at the beginning of next week. If we drop tomorrow, then I'll have to look for something else.
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