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Thursday, June 23, 2011

A very topsy-turvy day as the Dow gapped down and was off by well over 200 points early but came back to be down only 60 at the close. The advance/declines were negative and the volume was heavy for lately. The stock indices came back on news that Greece got another bailout. The overall market was stronger than the Dow as the NASDAQ ended the day positive. Volatility has picked up needless to say. I think we're going to head higher but the technicals are still neither overbought or oversold. GE broke through its 200 day moving average and then rallied all the way back. It finished down 18 cents on the day with good volume. Gold took a hit as the US dollar rallied. The precious metal was down over $30 on the futures. The XAU was down 1 3/4 but was much lower early, following the stock indices. ABX and GG were both down over 3/4, while NEM only lost 1/8. Volume was average. I canceled the open order for the July ABX calls. Not exactly sure which way we are going to go here. The US dollar is breaking through the weekly downtrend line from last year right now. If that holds, gold should move lower. Mentally I'm doing OK. Today was volatile and I was was otherwise distracted as well. Not the greatest scenario that is conducive to successful trading. I'm going to have to review the charts tonight and go from there. My thought at the moment is that we are putting in a bottom in the stock indices. We'll see what tomorrow brings.

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