Thursday, March 11, 2010
Opened lower and closed higher as the Dow gained 44 points on average volume. Advance/declines were positive. There's no keeping this market down. Today was a one day reversal to the upside and implies higher prices. I'm just about stopped out of the OEX put trade and probably will be tomorrow. We are as overbought as possible and yet there just hasn't even been a day of pullback. Summation index continues higher. How long can this unabated rally continue? We'll see. I could have exited the put trade early today for a profit and in retrospect that's what I should have done. Gold was little changed on the day. ABX, GG and NEM all had fractional gains on light volume. The dollar was a touch weaker. GG earnings after the close today. I'm not looking at any gold trades at the moment. Mentally I'm doing OK, slept longer last night. It looks like the Dow is about to bust out to new highs for the year, following the small cap stocks. My OEX put trade will be a loser unless we are pretty weak on the open tomorrow. At this point, I don't see that happening. Retail sales tomorrow will be the key to the opening. Or not. It could be that the momentum to the upside just continues. At any rate whatever happens I will be out of this trade at some point tomorrow.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment