Tuesday, October 26, 2010
The Dow opened lower but closed with a gain of 5 points. The advance/declines were negative. Volume was average. We are doing a whole lot of nothing here. Volatility is nonexistent again. Short term overbought. No OEX trades in mind at the moment. Gold opened lower as well but came back to be unchanged. The XAU gained 3/4. ABX, GG and NEM were flat on the day with light volume. The dollar had a decent day but gold did not react as much as would be expected. I left the ABX November call trade open for another day. Earnings for ABX before the open on Thursday. I'm expecting good numbers but that doesn't always mean the stock will go up. ABX is working off the recent oversold condition at the moment in my opinion. Mentally I'm doing OK. The market continues to grind higher. The summation index is moving forward but in a sideways channel. I'm not going to force anything here. Still plenty of time on the November options. We'll see what tomorrow brings.
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