Friday, November 19, 2010
The Dow closed up 22 points today in light trading. Advance/declines were positive. A pretty quiet option expiration. Volume should continue to slow down next week for Thanksgiving. Summation index still pointing down. I thought about perhaps trying the OEX puts again. I'll mull over this idea during the weekend. I think that perhaps doing nothing is the best choice during next week. GE was up a bit and the volume was nothing special. My January calls are still in the red. I'll consider ending this trade over the weekend as well. Gold was off a touch today as well as the US dollar. The XAU gained 1 1/2. ABX, GG and NEM all had fractional gains on light volume. I'm still in a wait and see mode for the gold shares here. There is seasonal strength going into January. But it's the end of November and I think patience is warranted for now. But who knows? Mentally I'm feeling OK. I don't expect much action next week considering Thanksgiving is on Thursday and Friday will be a shortened session. So it's really time to sit tight I think. That is what I'll try and do. It's the end of the week and time for a rest.
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