Monday, June 28, 2010
We still can't generate a rally as the Dow lost 5 points today. Advance/declines were negative and the volume was light. My OEX calls are in the red and staying there. I really expect a big upside day tomorrow. If we don't get one, I really will be confused. But that is nothing new. The market is oversold both short and medium term. It should have showed some type of upside by now. So we'll see. I don't think that the OEX calls will be coming back into the black. GE barely moved on light volume. Nothing doing there. Gold took a hit, off $17. The XAU dropped 2 points. ABX, GG and NEM all had fractional losses on what looks like average volume. The dollar was stronger today. No gold share trades for now. Overbought and staying there. Mentally I'm feeling OK. 2 days left for the month of June. The market seems extremely weak here and the weekly candlestick charts are bearish. If we get a pop to the upside I will dump the OEX calls and perhaps try the OEX puts again before Fridays employment report. Or not. We should see some decent upside in the indices tomorrow. Stay tuned.
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