Wednesday, August 25, 2010
We opened lower and closed higher as the Dow gained 20 points. Advance/declines were positive. Volume was average. We're still oversold. I placed an open order for some OEX puts. I'll adjust it as necessary. I really don't expect much of a bounce here. I could be wrong. Fed speak tomorrow and the GDP revision on Friday. So we'll see. Gold was up $8 today and the XAU gained 4 1/4. ABX and GG rose 1 1/3. NEM tacked on 1 2/3. Volume was average. I also placed an open order in for some September ABX calls. It may be too late. The dollar didn't do much today. Money continues to flow into the precious metal. It should move with the GDP revision. I'll adjust this order going forward as well. Mentally I'm feeling OK. So I have a couple of orders in and we'll see where things go. I still feel that we will be heading lower in the indices. But I need to see some upside to get short. The OEX put open order is priced away from the market. I also adjusted the strike price. Summation index continues lower. We'll see what tomorrow brings.
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