Tuesday, February 15, 2011
Volume remained light as the Dow lost 41 points. Advance/declines were negative. The Dow actually down 2 days in a row? Who would of believed it? That's the kind of market we are in. I'm not saying that we are at the top but the bullishness is pretty high. We're still overbought but trying the OEX puts here is not advised. I'm staying on the sidelines. GE was flat today on light volume. March calls? Not exactly sure at this point. If we make it back to the uptrend line I may consider it. Gold was up about $10 today and the XAU gained 1 2/3. ABX and GG rose 2/3 and NEM advanced 7/8. Volume light here as well. The dollar didn't do much today. It looks like the ABX February calls would have worked if I could have found an entry point when I was trying to purchase them. I simply failed to make the necessary adjustments. As always it's easy to look back. With the earnings out before the bell on Thursday, do I dare buy some calls tomorrow? No. That is not my typical style of trading but there easily could be some more room to run on the upside. We'll see. Mentally I'm feeling OK. The risk of putting on a trade here with 3 days to go until expiration and no clear signals is untenable. I will simply have to wait things out and move on to the March option cycle. Not the preferred method of attack but probably the most prudent at this time.
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