Monday, July 12, 2010
Not much movement for a typical summer Monday as the Dow gained 18 points today. Advance/declines were negative and the volume was light. My OEX puts almost got stopped out today and probably will be tomorrow. 10 points out of the money and 4 days to go. Not really enough time for this trade to work. We're short term overbought now. However it looks like the positive expiration week bias is in effect for now. I still might roll up to a closer strike price on the OEX towards the end of the week if we continue higher. We'll see. Gold lost $10 today and the XAU fell 1 1/3. ABX, GG and NEM held up rather well with fractional moves one way or the other. Volume pretty light here as well. The dollar was higher on the day. I'm still interested in the August ABX calls if we get some weakness in ABX. Mentally I'm feeling OK. So unless we get a downside open tomorrow, this OEX trade will be dead. The timing wasn't right, again. I may sit things out for a while since it's summer and things really seem to be slowing down. No data out until Wednesday with retail sales. So we'll see what happens tomorrow.
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