This blog will describe Jimmybees latest Market thoughts. It also will include thoughts on Jimmybees ongoing trading.
Wednesday, October 06, 2010
The Dow closed up 23 points on average volume. Advance/declines were negative. The overall market was weaker than the Dow. I still have the OEX puts but they're dead. Should be dumped this week. The employment report is the next catalyst on Friday. We'll see what happens. Gold gained another $10 today and the XAU was up 4. ABX, GG and NEM all rose a buck or more on average volume. The US dollar went to fresh lows. I canceled the open order for the ABX calls. Way too late for the gold shares at this point I believe. Overbought and staying there and that won't last forever. There will be a time for the gold shares again. Perhaps when they return to the breakout area. Gold has been the place to be. Mentally I'm feeling OK. 7 days in the October option cycle. I think that the prudent thing to do here is to let the October cycle end and go from there. For now it's a waiting game for Friday.
No comments:
Post a Comment