Tuesday, May 11, 2010
We were lower, we were higher and we ended down on the Dow for the day by 37 points. Volume was good and the advance/declines were positive. I really don't know why I am still holding on to these OEX calls. They got to break even today but now they are back in the red. We are working off the oversold condition and I am quite sure there will be another run down in the indices before May expiration. Really need to dump them tomorrow. Gold was up $20 on the futures and is at an all time high in the aftermarket. The XAU was up 7 1/2. ABX rose 2, GG and NEM about 2 1/2 apiece. Volume exploded to the upside. The gold shares are the place to be. You cannot ignore price and volume. That is where my focus should have been. Another missed move for me but we've heard that before. The dollar was up a touch today. Gold has taken on a life of it's own. I suppose the next time the gold/XAU ratio is in the buy zone, I'll give that a try. Mentally I'm doing OK. Hopefully we'll get some strength for the indices on the open and I can get rid of the OEX calls. Probably should have just sold them today. We've already had the bounce. We'll see how it goes tomorrow but I'm not optimistic.
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