Friday, April 29, 2011
Another day, another gain as the Dow gained 47 points. Advance/declines were over 2 to 1 positive and the volume was light. It was a good week and a good month. There is nothing to stop the market from going higher. I believe pullbacks, if we get any, will be bought. We should see some type of pause next week as we are very overbought short term. We'll see. GE lost 15 cents on light volume. Perhaps there will be a chance to try the May calls here. I'll check the charts over the weekend here. Gold continues its ascent, up $25 today. It is going parabolic in my view. The XAU gained 1 7/8. ABX up 1/3, GG up 3/4 and NEM actually lost a bit. That is the problem that I am having here with the gold shares. Gold itself is powering to record highs and the gold shares are lagging badly. Something has to give. However the Gold/XAU ratio is still at a buy signal and it is getting even stronger. This is another thing that I will have to take a closer look at this weekend. The dollar was a bit weaker today. Very oversold short and medium term for the US dollar. Any turnaround here will not be good for gold. But it hasn't happened yet. Mentally I'm feeling OK. April was a very good month for the stock indices and for gold. There's still 3 weeks left in the May option cycle. Will the markets continue higher into expiration? Time will tell. There is nothing to stop the upward momentum at the moment. I'm going to go over things this weekend and try to come up with a game plan for next week. For now it's Friday afternoon and time for a break.
Thursday, April 28, 2011
Higher we go as the Dow gained 72 points on good volume. Advance/declines were positive. GDP was a bit better than expected. Nothing has changed. The trend is up. GE was little changed on light volume. No trades there for now. Gold was up $14 and more in the aftermarket. It is starting to look like we are going to go parabolic there as well. The XAU lost 1 2/3. The Gold/XAU ratio is just about at another buy signal. ABX, GG and NEM all had fractional losses on average volume. I'm leaving in the May ABX call order. I did adjust the price down. Not sure if I will leave this open for the weekend. The dollar is deeply oversold and staying there for now. The dollar is due to bounce and that could be the optimum time for the gold share calls. It would have to be a very short term trade. There is also the possibility that the US dollar simply remains oversold. I am going with the Gold/XAU buy signal. We'll see if it holds up. Mentally I'm doing OK. Summation index moving higher and the stock indices continue moving up. The Dow transports are approaching all time highs. This bodes well for the overall market going forward. Look to buy calls would be my advice for now. Don't fight the advance. The market knows more than you or I do.
Wednesday, April 27, 2011
The Fed and Bernanke came and went. We broke above resistance yesterday and the trend is going to be upwards for the near future. The Dow gained 95 points on average volume. Advance/declines were 2 to 1 positive. Summation index going higher. All systems are go for higher prices. The Fed said nothing new. It didn't matter, the stock indices are in rally mode. We'll see how high this move takes us. GE gained 1/2 on good volume. The calls here should have been purchased Monday or Tuesday. It doesn't do any good to look in the rear view mirror. Gold rallied as well, up $13 on the futures and that much again in the aftermarket. The XAU gained 4. ABX and GG were up 2/3, while NEM rose 1 1/8. Volume was good. The gold shares were lower early in the day. We actually got a buy signal on the Gold/XAU ratio. I did place an order for some May ABX calls but I was too late. I adjusted the order and left it in overnight. Yesterday I stated that I would not be looking to try the gold share calls at this time. Things have changed. Gold is going parabolic at this stage it seems to me. If I can get the price I want on these calls, I'm willing to take the risk. The US dollar got pounded today and that helped gold and the stock market. The dollar is in an area where previously we would have seen a short term rally. However we broke down instead. This is saying that the dollar market is even weaker than it looks. That should support the price of gold here. It is also fuel for the stock indices which have broken out of resistance. The trends are up and calls are the only game in town at this point in time. Mentally I'm a bit tired, did not sleep well. So I'm ready to try another trade here and we'll see what happens. It could be that we are at the end of these up moves as well but I really don't think so. The stock market is short term overbought. However any pullbacks can be purchased in my opinion. The daily chart on ABX actually shows the technicals more oversold due to the takeover bid sell off. So we'll see what happens. GDP tomorrow and the end of the month on Friday. Should be interesting.
Tuesday, April 26, 2011
We broke the resistance to the upside as the Dow gained 115 points on good volume. Advance/declines were almost 3 to 1 positive. We can expect higher prices going forward although there could be a retest of the breakout point. If this does occur, it will be a chance to purchase some May index calls. We'll see if that happens. Summation index moving higher. The S&P 500 is solidly through the 1335 to 1440 level. Fed announcement tomorrow. GE was up 1/4 on average volume. I'm still considering the May calls here. Not sure if that is the proper trade here. Gold lost $5 as it was actually down for a change. The XAU dropped 2 1/8. ABX led the way down again, off 1 2/3 on heavy volume. GG dropped 2/3 and NEM was flat. Volume was light in those issues. The US dollar continues weaker. I'm not sure trading the gold share calls is the way to go here. Still overbought on these issues with the exception of ABX. Maybe gold rallies tomorrow on an accommodating Fed. I'm not going to take any chances there though. Mentally I'm doing OK. So we got the expected breakout and I do believe higher prices are in the offing. Short term overbought though but that doesn't mean we can't stay that way. I think I will attempt the OEX May calls if we get a pullback. Let's see what the Fed does tomorrow and go from there.
Monday, April 25, 2011
It was kind of a not much going on type of day following a long weekend as the Dow lost 26 points on light volume. Advance/declines were negative. We are taking a pause here at the 1335-1340 level in the S&P 500. My feeling now is that we will break through to new recovery highs soon. But I could be wrong and often am. We've got the Fed meeting this week. That will probably be a catalyst for market movement. 1st quarter GDP and plenty of other economic data as well. So things could get interesting. End of the month as well. GE was flat as well today on average volume. Perhaps the earnings news has been digested by now. I would like to have the guts to try the May calls here. If the S&P does breakout, GE should follow higher. In theory of course. We'll see. Gold was up $5 on the futures today for yet another record high. The XAU dropped 5 2/3 though. Most of this was due to ABX, which fell 3 3/4 on extremely heavy volume. ABX is planning a takeover of another company and the street did not like it. Hence the risk in individual issues. However if you own the puts, things are looking good. GG fell 5/8 and NEM was off 1 3/8. Both on average volume. I think the gold rally is getting long in the tooth but it continues. Overbought and we are due for some type of pullback. Perhaps the Fed announcement on Wednesday will cause some downside. That's a guess, as usual. The dollar remains deeply oversold on a daily and weekly basis. That won't last forever. Mentally I'm feeling OK. 4 weeks to go for the May option cycle. That should give me enough time to figure out some type of trade. I may try the OEX calls again if we get some backing and filling here. I'm going to lay off the gold calls for now because we are so overbought. GE is back on my radar screen and I would look for the May 20 calls there as the contract to trade. If we get a breakout to the upside on the S&P 500, that could be the next trade for me.
Thursday, April 21, 2011
The Dow gained 52 points today to end the shortened week. The advance/declines were over 2 to 1 positive. Volume was light. We are right at resistance of 1340 for the S&P 500. I believe that we will break through in the very near future. The summation index has turned back to the upside. GE lost 45 cents on heavy volume. The street did not like the earnings report. This could be a possible long trade now that the earnings are out of the way. Gold tacked on another $5 today to new record highs. The XAU gained 3 points. ABX and GG rose 3/4, while NEM added 3/8. NEM came out with earnings today but it seemed to be a non-event. ABX is now over $55 but the volume was nothing special. I don't think this is a valid breakout yet. We'll see about next week. The dollar continued lower today and closed the week negative. If it continues lower, gold should move higher. Mentally I'm feeling OK. We now have a 3 day weekend to ponder things. I'll go over the charts and try to come up with a game plan for the May option cycle. All signs are pointing up for the stock indices and commodities. I will have to try and find something to take advantage. But for now it's time for a break.
Wednesday, April 20, 2011
The stock indices exploded to the upside, with the Dow gaining 186 points on good volume. Advance/declines were over 4 to 1 positive. We are on our way to new recovery highs. Earnings will be the catalyst. It appears that the market got rid of whatever sellers were left on Monday. The summation index should start to turn around here. Look for calls on pullbacks. GE was up 13 cents ahead of tomorrows earnings. Volume was average. I'd expect GE to take off to the upside on its earnings. We'll see. Gold gained $4 today and a bit more in the aftermarket. The XAU was up 2 1/3. ABX gained 5/8, while GG and NEM tacked on 1/4. Volume was light. Would have liked to have seen a bigger move to the upside in the gold shares today considering the US dollar got crushed. But I suppose money is being spread out into the stock market. The daily candlestick charts actually don't look too good for the gold shares after today. We'll have to see what transpires tomorrow. ABX is on the threshold of breaking the all important $55 level. Mentally I'm feeling OK. The stock indices have taken their cue so far this week from the US dollar. When the dollar rose on Monday, stocks tanked. Now that the dollar has reversed to the downside, the stock indices have taken off to the upside. The markets obviously know something that I don't. It's a holiday shortened week so tomorrow will be the end of the trading for the US markets. There is also an extra week on the May option cycle. Apple reported after the bell and beat estimates handily. It should mean another upside day tomorrow.
Tuesday, April 19, 2011
We moved higher today as the Dow gained 65 points on average volume. Advance/declines were 2 to 1 positive. Moving off of oversold levels here. Perhaps we are sold out for the time being. Summation index still heading lower though. The Dow for now has held above the 50 day moving average. There is a chance that this could prove to be the beginning of a move to new recovery highs above 1340 on the S&P 500. I don't know. We will have to see how the rest of the week unfolds. GE was up 30 cents on good volume. Earnings are due on Thursday. Moving off of an oversold condition here as well. Gold gained a couple bucks today and touched $1500 for the first time. The XAU rose 3 3/4. ABX and NEM gained 3/4, while GG added almost a buck. Volume was light. The dollar reversed yesterdays strong gain. Not sure exactly what to make of that. I would like to own some ABX calls as we near the breakout level of $55. Once we clear that area, it is up, up and away for that issue in my opinion. ABX is currently at 54 1/4. It is something that I am looking at. Mentally I'm doing OK. The stock indices are holding up rather well here after Mondays very weak open. I think that fact that we haven't completely unraveled says something. The technicals are oversold and perhaps this is the beginning of something to the upside. That's a guess as usual and lately my guesses have been expensive. We'll see what happens tomorrow and go from there.
Monday, April 18, 2011
A gap to the downside to start the shortened week as the Dow lost 140 points on average volume. The advance/declines were almost 4 to 1 negative. We were down about 250 at the worst moment of the day. A possible downgrade of US debt was todays culprit for the decline. Summation index heading lower. We are very oversold here. The so-called bounces have been anemic. The S&P 500 is trying to hold the 1300 level. We'll see. GE was flat on the day after being down early. Volume was better than average. No trades here for now. Gold was up $7 on the futures and a bit more in the aftermarket. The XAU lost 2 points. The gold shares were mixed with fractional moves one way or the other on better volume. The gold shares too, fell early and then made a comeback during the day. The Gold/XAU ratio is almost back at a buy signal. This despite the dollar having a pretty good day. Why the dollar would rally on bad news concerning the US debt at first glance doesn't make any sense. However it could have been just short covering, as the worst news is now out. That's all a guess as usual. Gold is at all time highs. I might try the May gold share calls if the Gold/XAU signal does happen. But it's risky. Gold is overbought here but that doesn't mean it can't stay that way for a while. Mentally I'm doing OK. Trying to put last week behind me. I have a confidence void at the moment. Losing trades with poor execution will do that. I've got to move on though. I would look for the stock indices to at least stabilize for the rest of the week. If not, then we'll have a better idea of what is going on here.
Friday, April 15, 2011
We got a weak bounce today as the Dow gained 56 points on expiration Friday. Volume was average and the advance/declines were positive. The OEX trade was a disaster. I had a chance to cut the loss at 50% and I canceled the order to give it some more time. Mistake. It ended up being a 95% loss and broke one of the risk parameter rules set in place at the beginning of the year. I did not have the discipline to execute the correct moves under pressure. This is an amateur mistake. There are no excuses, I just wasn't good enough. So that was 2 horrible short term trades within a week. I am no good at short term deals. I should not even attempt them. Getting back to the markets, I'm about to change my mind on new recovery highs. The summation index continues lower and we should have had a decent bounce by now. It hasn't happened. GE was higher early and closed little changed. Volume was average. No trades in the works there. Gold was up 14 bucks to a new all time high. However the XAU fell 1/2. ABX, GG and NEM had slight fractional moves one way or the other on light volume. The dollar gained a bit today. Not sure why the gold shares couldn't follow gold today. It is something to keep an eye on. I would like to try the May gold share calls but after this week I'll probably be on the sidelines for a while. Mentally I'm discouraged. Both of my trades this week were losers from the start. Obviously that isn't good. The fact that I didn't take small losses when I should have just compounds the negatives. The money matters but not as much as the confidence factor. If you can't perform when necessary, you don't have a chance. So now I'll be gun shy for a while since I certainly don't have a handle on what the market is doing at the moment. Lousy trades just don't do anything for you at this point. It's April and although the year started out very positive for me, it seems like I am back to square one. I'll check the charts over the weekend and try to get my head together. It won't be easy. For now it's Friday afternoon and time for a break.
Thursday, April 14, 2011
The Dow had a one day reversal to the upside as we gapped lower on the open and came all the way back for a gain of 14 points. The advance/declines were positive, while the volume was average. My OEX calls got killed in the morning but made somewhat of a comeback during the day along with the overall market. They are in the red though with a day to go. I probably should have just sold them at the close and taken that loss today. But we are still oversold and the bounce is not happening. That could mean bigger trouble for the indices. Google reported poor earnings after the bell and that doesn't bode well for the open tomorrow. An oversold market that doesn't show some upside is dangerous. The summation index continues lower. GE was flat today on light volume. We are right at the $20 strike price. Gold had a good day on the weaker dollar. The precious metal gained $17. The XAU rose 2 1/2. ABX, GG and NEM all gained around 1 1/4 on OK volume. The move in the gold shares today is what I was looking for in the Monday ABX call trade. Timing is everything as always. I don't think that I'll chase the gold shares here. The weekly charts are just about overbought on the technicals. But we'll see. Mentally I'm doing OK. I almost sold the OEX calls at the close today as well after I heard the bad news on Google. With only one day to go, the odds of this trade turning a profit are not good. But I didn't dump them and I'll probably feel the pain tomorrow. More inflation data out tomorrow and todays report wasn't good. Plus option expiration. We'll see how it goes.
Wednesday, April 13, 2011
We opened higher but could not sustain anything to the upside as the Dow gained only 7 points on the day. Volume was average and the advance/declines were positive. Summation index is heading lower. I did put in an order for some April OEX calls and it was filled. The options are right at where I purchased them. Tomorrows open will be the key as we are oversold and due for a bounce in my opinion. There are only 2 trading sessions left for the April option cycle, so obviously this will be a very short term trade. We'll see what happens. GE was basically flat today on light volume. Gold gained a couple of bucks while the XAU fell 2 points. ABX and GG were both off about 1/4. NEM dropped 7/8. Volume was light. The dollar gained a touch today. I still like the gold shares going forward here. Perhaps there will be another attempt at the calls in the May option cycle for me. The weekly candlestick charts will not look bullish though if prices stay where they are or decline further in the next 2 days. I'll be keeping an eye on it. Mentally I'm feeling OK. I decided to take the chance on the OEX trade since there is a short term buy signal in place on one of my technical indicators. It may or may not pan out. I do feel good about being able to put the lousy ABX trade behind me and move on to the next perceived opportunity. Inflation data and initial claims are out tomorrow. That should be the early key to market direction. I'll take it from there.
Tuesday, April 12, 2011
It was a downer Tuesday as the Dow lost 117 points on better volume. Advance/declines were almost 3 to 1 negative. I'm still a believer that we will see new recovery highs in the S&P 500. I think that any decline tomorrow can be bought for a short term trade before Fridays expiration. I would like to have the confidence to try the OEX calls tomorrow. That remains to be seen. The summation index has rolled over and is trending down. So caution is advised here also. GE lost 17 cents on average volume. We are right around the $20 area here. I am not going to try anything there. Gold lost $15 and the XAU fell 4 points. The gold shares were mixed, with ABX off 3/4, GG down 1/2 and NEM up 1/3. Volume was a little less than average. The dollar was a bit lower today and it didn't help gold. I sold the ABX calls for about an 85% loss. That was a horrible trade that should not have even been done. It was a loser from the start. There was no solid technical basis to even put it on. I think I was just anxious to do something before the April option cycle ended. It was stupid and I paid for it. Now there is a legitimate chance for an OEX bounce trade and I don't know if I can pull it off after this loser. I don't want to seem like I am doing the OEX trade to try and make back what I just lost on the ABX trade. Mentally I'm in a tough spot. I do believe that weakness can be bought tomorrow but I don't know if I can pull it off. I could be wrong as well. There are only 3 days left for the April option cycle. There is also a ton of data coming out in the next 3 days. Weakness tomorrow does give a short term buy signal on one of my technical indicators. So I will think about all this tonight and go from there. It would not help to compound the ABX loss with another right away. However a winning trade would be a step in the right direction.
Monday, April 11, 2011
We bounced around today and ended pretty much flat as the Dow gained 1 point on light volume. The overall market was weaker than the Dow, with the advance/declines over 2 to 1 negative. I think we are perhaps setting up for a trade to the long side at the middle to end of the week. I'll be looking at the OEX calls if I decide to give it a shot. Plenty of economic data out this week. So we'll see what happens. GE was flat on the day with very light volume. I would try the April 20 calls here this week if I thought GE could make a decent upside move. Not sure and there isn't much time left on the options. Gold was off $6 today and more in the aftermarket. The XAU lost 6 1/4. ABX down 1 1/4, GG and NEM fell a buck. Volume was light. I did try the ABX April calls today. Of course now I wish that I didn't. The position is down almost 50% already. Can ABX make a comeback this week? Stranger things have happened but I really need to cut the loss here. It is the kind of trade that was risky, didn't work from the start and now needs to be let go. I would need to see some type of stunning reversal tomorrow. Won't happen. Not a lot of money at risk here but it will probably be a loser none the less. Mentally I'm feeling OK. I'm thinking about getting some OEX calls for later this week but the risk there would be high as well. However the market is getting oversold here. Plus it's expiration week which usually has a positive bias. I'll deal with the ABX trade and go from there. I probably need to be reminded that the short term trades are not my strong suit. I'll ponder things tonight to come up with the game plan for the rest of the week.
Friday, April 08, 2011
The Dow fell 29 points today on the brink of a US government shutdown over the budget. We were lower but came back in the final hour. Volume was light and the advance/declines were 2 to 1 negative. The budget fiasco is really much ado about nothing in my opinion. A budget will eventually be passed and this too will be forgotten. But it gives an excuse to sell stocks and the US dollar as well. Todays action could turn the summation index lower. That is something to keep an eye on. GE lost 16 cents on average volume. I'm going to have to pass on the April 20 calls there. There's only one week to go for the options. Perhaps I'll change my mind over the weekend. Gold had another good day, up $15. The XAU gained 3 points. ABX up 2/3, GG rose 1 1/4 but NEM fell 1/3. Volume was good. GG remains the leader here to the upside. We are very overbought here but I still might try the ABX calls next week. I did cancel the open order that I had for them today. ABX is on the verge of a breakout if it can get above $55. However the risk is very high since there is so little time left in the April options. The dollar got pounded again today and that was the reason for the rise in gold in my opinion. The US dollar is pretty oversold here as well. So there is plenty to think about over the weekend. Mentally I'm doing OK. The major stock indices are moving sideways at resistance. The transports have rolled over here and that could be the harbinger of lower prices near term. However I do think that we will be breaking through the near term resistance to new recovery highs. I could be wrong and often am. One week to go on the April options so if a trade is attempted it will have to work in a hurry. I'm leaning towards the ABX calls for now. I'll be going over the charts this weekend in hopes of finding something meaningful for next week. For now it's time for a break.
Thursday, April 07, 2011
Another large earthquake in Japan sent the Dow lower early but the market came back to just post a loss of 17 points. Volume was average and the advance/declines were negative. We've been moving sideways for a week. I expect that we'll break out to the upside sometime before expiration but that's a guess as usual. However the trend remains up until further notice. GE lost 20 cents on average volume. The April calls that I was looking at here got cheaper but I think that I will step aside from this trade. Of course that could change tomorrow. Gold didn't do much today and the XAU gained a point. ABX lost 3/8, GG up 1/3 and NEM gained 1 7/8. Volume was average. I lowered my entry price for the ABX April calls to take off a little more risk with only 6 days to go. I still expect ABX to try and break through the $55 level. However the timing is in question. None the less, I'm going to try and give this trade a go. The dollar closed little changed today. Mentally I'm doing OK. Time is running out for the April option cycle. Things get a bit more risky and dynamic. It is the nature of the options game. I'm still going to try and put on a trade here but nothing is set in stone.
Wednesday, April 06, 2011
Grinding higher as the Dow gained 32 points on average volume. Advance/declines were positive. Summation index continues higher. I still expect upside into the expiration next week. Nothing has changed to derail that. The market is overbought, staying there and that is the tune for now. GE was up 1/4 on OK volume. I canceled the open order for the April GE calls. 7 days to go and the price I wanted for the options isn't going to happen. I also don't think that GE has the volatility at the moment for this trade now. I do still believe that GE will see a higher price near term. Gold gained another $6 today and a few more in the aftermarket. The XAU fell 1/3. ABX, GG and NEM were mixed with fractional moves. Volume was good here. I'm leaving in the open order for the April ABX calls. There is volatility in the gold shares and plenty of interest at the moment. I'm not sure that I will hold this over the weekend though. We'll see what transpires between now and then. The dollar was weaker today and could be starting another leg down. Time will tell on that. Mentally I'm a bit tired, did not sleep well. We are right at resistance for the S&P 500. I do think that we will break through and set new recovery highs soon. Before expiration is my guess. There may be an OEX trade to take advantage of that, if we see some weakness first. That would be the ideal scenario.
Tuesday, April 05, 2011
Another lackluster session for the stock indices as the Dow lost 6 points on light volume. Advance/declines were positive. We are moving sideways for now but I believe that we will be heading back to the upside by the end of the week. Not a lot of economic data out this week. I am looking to purchase some calls before expiration. GE lost 20 cents on light volume. I have an open order in for some April 20 calls. It might get filled if GE sees some more weakness near term. We broke the daily downtrend line here a few days ago. The next technical expectation is a return towards that line before we head higher once again. We'll see if it pans out. Gold broke out to new highs today, up $20 and $5 more in the aftermarket. The XAU soared 9 1/3. ABX up 2 7/8, GG up 3 and NEM up 2 1/3. Volume increased on the breakout. This I think is a valid break to the upside and you can hop aboard for the ride. I also have an open order in for some April ABX calls. I moved to a higher strike price than I was looking at. This order may not be filled as it is entirely possible that we simply move straight up from here. However I do feel that this move is worth chasing. The gold shares moved up around 5% in just one day. That must be respected. We'll see what happens. The dollar fell just a touch today. Mentally I'm feeling OK. So gold is on the move and I am not taking advantage of it once again. However the technicals showed nothing to anticipate this breakout so I can't feel too bad about missing it. There is always a chance that I'll still be able to salvage something if the ABX order gets filled. Meanwhile the stock indices are taking a breather here from going straight up. I do feel that higher prices are in the near future, before the April expiration next week. I'll try to take advantage of that with GE. We'll see what happens.
Monday, April 04, 2011
A quiet start to the week as the Dow gained 23 points on light volume. Advance/declines were positive. The indices opened higher and meandered throughout the day. Nothing has changed, the trend is up. GE gained 19 cents on the day but was higher early. Volume was light. I would still like to try the April 20 calls here if they drop in price in the next few days. We'll see. Gold gained $4 today and the XAU was up a point. ABX, GG and NEM were flat or had fractional gains. Volume light as usual here. The dollar didn't do much and was marginally higher on the day. The gold shares are overbought and if we get some pullback I'll try the May calls. That is the game plan for now. Mentally I'm feeling OK. Nothing has changed with regards to my trading ideas. GE would be the first trade followed by something with ABX or GG. GE would be very short term, with only 9 days left in the April option cycle. So I am remaining patient for now. I am not going to try and press anything here. We'll see if we get any decent movement in the markets tomorrow.
Friday, April 01, 2011
The employment report came and went. The Dow continues higher, up another 57 points. We were up almost 100 during the trading session. The advance/declines were over 2 to 1 positive and volume was average. Overbought, staying that way and it's back to the same old broken record. The indices are going higher. Any type of pullback can be bought. You cannot argue with the market. GE was up about 1/3 and broke through the daily downtrend line. I'll be looking for some April calls here if we get some decline. Might not happen. I have some interest in the April 20 calls if I get a chance. We'll see. Gold lost around $10 today and the XAU fell 1 3/4. The gold shares had fractional losses on the day on the usual light volume. Gold itself had a gap down at the open and steadily came back all day. It seemed to follow the US dollar, which was higher early and closed the day unchanged. With the decent jobs report it would have made more sense for some type of dollar rally today. Didn't happen. I'd still like to try some gold share calls for May however we are still overbought there. Again, if we get some type of pullback here as well, I will attempt to put on a trade. Mentally I'm feeling OK. Another good week for the stock indices as the Japan debacle seems to fade into the distance. Money is finding a home in stocks. The trend is up and there is no need to fight it. 2 weeks to go in the April option cycle. I'll hopefully be able to take advantage of something on the long side. For now though it's Friday afternoon and time for a rest.
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