Thursday, October 07, 2010
It was basically a waiting game today as the Dow lost 19 points. Advance/declines were slightly negative and the volume was light. On to the employment report tomorrow and the market reaction to the numbers. Just about out of time for the OEX puts I own. Probably bail out at a loss tomorrow unless we get some negative action in the indices. We'll see what happens. Not really overbought or oversold at the moment so anything can happen. Gold finally had a down day as it lost $12. The XAU dropped 5 1/2. ABX fell around a buck, while GG and NEM fell around 1 1/2. Volume was good. The dollar didn't do much today. Perhaps today was the beginning of the long awaited correction in gold. The good volume turnaround that we saw might be a clue. We'll have to wait and see what occurs tomorrow. Mentally I'm a bit tired, did not sleep well. Tomorrow should be interesting, one way or the other. I think as long as the US dollar continues to weaken, the indices should be in an uptrend. Owning the puts here isn't really the thing to do. I should have dumped them on the big up move this past Tuesday. But it's been a year of mistakes and this trade is just another one.
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