Monday, September 20, 2010
The Dow broke out to the upside today, gaining 145 points on average volume. Advance/declines were 5 to 1 positive. Summation index heading higher. My open order for the OEX puts was filled but this trade is not going to work if this breakout is valid and it appears to be. The stop loss order is in place and should be hit tomorrow. When everyone is looking for a decline, it won't happen. That seems to be the case here. It's just another losing trade for the year. Fed announcement tomorrow and that will probably propel us even higher. Gold was up $3 today and the dollar was a touch weaker. The XAU was up 2 2/3. ABX gained 1/2, GG up a buck and NEM gained 1/4. Volume was light. My ABX calls are slightly in the red. They did turn positive during the day but the gold shares sold off with the rally. It doesn't look like this trade will work either but we'll see. Mentally I'm feeling OK. Could have slept better. So it looks like the market wants to head higher and all indications are that it will. My trades will most likely be stopped out. We'll see how it goes tomorrow.
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