It was an up and down session and the Dow ended higher by 20 points. The advance/declines were positive and the volume was lighter than lately. We were down over 100 points early but made it all the way back. I'm still considering the OEX puts before the employment report as we are getting short term overbought. There is the double bottom that is in place to consider also. Still 2 days before the report. GE was up a touch on light volume. No trades there yet for me. Gold had a stellar day, up $40 on the futures and another $10 in the aftermarket. The XAU rose 3 1/4. ABX up 2/3, GG higher by 3/4 and NEM gained a buck. Volume was better. Overbought here both short and medium term. My ABX calls are still in the black but I really need to consider exiting this trade. The gold shares won't remain overbought forever. Maybe I can squeeze another day or two out of this but it may be time to move on here. The US dollar rose today with gold for no apparent reason. Mentally I'm feeling OK. It's a tough call to continue holding on to the ABX trade when I'm looking at the OEX puts for a market decline. However I could also be wrong as the summation index continues to move higher. The employment report on Friday could hold the key. We'll see what happens tomorrow and go from there.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment