Wednesday, March 24, 2010
The Dow lost 52 points today on average volume. Advance/declines were over 2 to 1 negative. Not much going on here really except for relieving the overbought condition. Summation index moving sideways. No OEX trades in the works for me at this juncture. Gold took a hit, down $15 on the futures. The XAU fell almost 6 points. ABX and GG off 1 1/2, while NEM dropped 1 3/4. Volume picked up to the downside. That isn't bullish. The dollar had a good day and that doesn't bode well for the gold shares. I am still going to look at the May gold share calls as my next trade. Patience is needed here. There is a possibility of getting some puts on the gold issues but that window of opportunity may already have passed. At any rate, I'll be keeping my attention on the gold stocks here. Mentally I'm a bit tired, didn't sleep well. I'm in no hurry to put on any trades here unless there's a decent signal. It's a waiting game for me as the 1st quarter of the year is about to end next week. So I'll be keeping an eye on things and see where we go from here.
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