Thursday, June 09, 2011
We got the expected bounce today as the Dow gained 75 points on light volume. Advance/declines were almost 2 to 1 positive. We were about 60 points higher than the close but sold off in the last hour. I had an order in to sell the OEX calls but it wasn't filled. Perhaps I got too greedy with the price. The calls are still in the black but I would have liked to get out of them today. This bounce may last a couple of days but I would like to be out before the weekend which is tomorrow. We'll see. GE was also higher during the day but sold off as well. Volume was very light. Gold was up $6 and the XAU gained 3 points. ABX was flat while GG and NEM gained 1/2. Volume light here as well. The dollar was up a bit today as well. The Gold/XAU ratio remains in the same strong buy territory that it's been in for weeks. No trades there for now. Mentally I'm feeling a bit tired. As I said, would have liked to exit the OEX call trade today. My order was within a dime of getting filled. I need to get out of this trade so that I can focus on the puts for next week. I do feel that is the trade that holds the most potential before the expiration on June 17th. So I'll see if we get any follow through to the upside tomorrow so that I can exit this trade. Stay tuned.
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