Friday, January 07, 2011
The employment numbers came and went as the Dow lost 22 points today on good volume. Advance/declines were negative. We were down almost 100 at one point in the day but came back yet again. No uptrend lines have been broken and the trend remains intact. However the summation index is starting to stall here and we will have to keep an eye on it. The employment numbers were a bit weaker than expected but did not really excite the market one way or the other. The market did go down but it was well after the numbers had been digested. We're still overbought. GE lost 13 cents and was lower on the day as well. Volume was average. I'm still interested in trying the calls here again. Earnings are out in 2 weeks. Gold lost a couple of bucks as the dollar was stronger yet again. The XAU was up 1/3. ABX, GG and NEM all had fractional losses on average volume after being higher early on. These issues are looking bearish now. They've been in an uptrend for quite a while. I have no trades in mind there for now. Mentally I'm feeling a bit tired. I was called away for a meeting in the middle of the market day today so my feel for what what went on was skewed. I'll also be in meetings next week. However I am still going to try the GE calls if the opportunity presents itself. We got through the first week of the year on the positive side and that usually bodes well for the year to come. 2 weeks left in the January option cycle. I go over the charts this weekend and take it from there. For now it's the weekend and time for a rest.
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