Wednesday, October 26, 2011
Back to the upside as the Dow gained 162 points on average volume. The advance/declines were about 4 to 1 positive. The Dow was stronger than the overall market today. Still waiting for Europe to announce something about the debt deal. The market was back and forth today, higher, lower, higher. I still think we will be going higher. But as I stated before, some consolidation would not be a bad thing. GE was up an 1/8 on average volume. Still waiting here for an entry point for the January calls. Gold continued higher, up about $20 on the futures. The US dollar was up a bit as well. The XAU gained 2 points. ABX was up 2/3, GG lost a fraction and NEM was up a buck. Volume was good here again. GG announces earnings after the bell and ABX before the bell tomorrow. My ABX calls are still in the black. I will probably sell them tomorrow on the earnings news. Or not. Gold has shown some life here this week and I may hold on a bit longer to the calls. We'll see. Getting overbought on the gold shares but there still may be some room to the upside. Mentally I'm feeling OK, slept well. We'll wait to see what happens in Europe tonight and we have the GDP report coming out tomorrow. So I would expect to see some more movement in the stock indices again tomorrow. It certainly isn't a quiet market at the moment. ABX will announce its earnings and I suppose that will be the key for this trade one way or the other. I am also thinking of just selling the calls tomorrow regardless and then trying to buy them again before the November expiration. The weekly ABX chart is beginning to look constructive to the upside. We'll see what happens tomorrow morning and take it from there.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment