Tuesday, March 02, 2010
A slight pause today as the Dow gained 2 points. Advance/declines were over 2 to 1 positive and the volume was average. We were higher for most of the day and then sold off a bit. I did actually put an order in for some OEX puts at the high of the day but canceled it when it wasn't quickly filled. We are short term overbought here but it's possible todays action relieved that condition. Or not. I'm still thinking about getting some OEX puts before the employment report. However the summation index remains to the upside. The broader market was stronger than the Dow as well. Gold had a good day, up almost $20. The XAU rose about 4 points. ABX, GG and NEM were all up about a buck or so on average volume. The dollar was off a bit but not as much that would represent a $20 rise in gold. Perhaps something else is going on here but I certainly don't know what. I'm not looking to do anything with the gold shares at the moment. Overbought here as well and staying there. Mentally I'm doing fine, slept well. I'll be checking the charts tonight to see if the OEX puts play is viable. I may perhaps wait until Thursday depending on tomorrows action. Or I may do nothing at all. There's still plenty of time for the March option cycle. So we'll see what tomorrow brings.
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