Wednesday, June 16, 2010
It was an up and down day as the Dow gained 4 points on average volume. Advance/declines were negative. 2 days left in the June option cycle and I'm leaving in an open order for some OEX puts. It's a risky trade with 2 days left but I do think that there will be some decent downside before Fridays expiration. If we get some upside early tomorrow there is a chance the order will be filled. Of course I could be wrong and this will just be another losing trade. We'll see. GE was up a few cents on average volume. I'm still leaving in the open order there for the July calls. Gold lost a few bucks today but the XAU was up 1 3/4. NEM led the way with a 2 dollar gain on good volume. ABX and GG were up fractionally on light volume. The dollar didn't do much today. The gold shares are looking overbought to me here but that doesn't mean that they can't stay that way for a while. I'm not planning any trades here in the near term but that could change. Mentally I'm doing OK, slept well enough. Yesterdays losing trade is in the rear view mirror and I'll see if this next OEX trade will work. With 2 days left I do wonder if it is even worth the risk? That is something that I will ponder tonight. Perhaps I'll simply cancel the order tomorrow morning and look for greener pastures elsewhere. The trend is now up and July calls look to be the best play going forward post expiration.
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