Wednesday, September 22, 2010
The Dow dropped 21 points today in what I would describe as listless trading. Volume was average. The advance/declines were negative. Once again the overall market was weaker than the Dow. My OEX puts didn't do much and are still in the red. The postings on the summation index are getting closer and perhaps will turn this indicator down. It has yet to happen though. A bit of economic data out tomorrow so we'll have to see what happens. Gold continues to be the story and we hit new highs again today as the dollar continued to weaken. The gold futures were up $17. The XAU gained 2 1/3. ABX up 3/8, GG up 1/8 and NEM up 3/4. Volume was good, confirming the moves higher. We are overbought here but the gold market doesn't care. I might just have to try the ABX calls again for the October option cycle. I suppose that I'm still regretting getting stopped out on that last trade. Mentally I'm doing OK, slept better. We'll have to see how this OEX put trade works out in the coming 2 days before the weekend. We're still a bit overbought but we could just be working off that condition. I'll really need to see some solid downside to tell if this trade has a chance. We'll see what happens tomorrow.
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