Wednesday, January 09, 2013
Back to the upside today as the Dow gained 61 points on light volume. The advance/declines were 2 to 1 positive. I think that we are still in a consolidation mode until next week. I would expect a bit more weakness moving forward before we see another leg up. I'm still looking at getting some OEX January calls at the beginning of next week. The summation index is moving higher. GE was up a bit on light volume. My GE January calls are about break even. I'll be holding this trade into next week, perhaps all the way to the earnings report at the end of next week. Gold was off $6 on the futures as the US dollar was higher today. The XAU fell 3/4. ABX, GG and NEM moved fractionally one way or the other on what passes for average volume these days. Still not much going on in the gold market. I've left in the open order for the ABX February calls. Mentally I'm feeling OK. The markets are actually pretty quiet so far this week. Not really a lot of movement and the VIX is very low. Hopefully we aren't getting too complacent because that could eventually lead to volatility. I'm sticking with the game plan in place for now. Hold the GE calls and attempt some OEX calls early next week. I'm leaving the gold trade order out there in case we see some more weakness in ABX. That potential trade also has a lot more time on it if filled. We'll see what Thursdays trading brings.
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