Monday, February 11, 2013
We started off down and spent much of the day lower as the Dow closed with a loss of 21 points on very light volume. The advance/declines were negative. Not much to say of todays market action. No buyers but no volume either. It is expiration week and I believe the positive bias will assert itself at some point. Not a lot of economic data out this week. Retail sales on Wednesday is about the most interesting. The summation index is heading sideways. GE was off a few cents and no volume here as well. My February GE calls are still in the black and I'm still waiting for a move towards $23. Hasn't happened yet. I will most likely sell these calls before Friday. It gets very risky in the last week and there is no special situation such as earnings that were out on the final day before expiration like last month. Gold took a hit today and fell below $1660. Gold was off almost $20, with no news to speak of. The US dollar was a bit higher. The XAU fell 3 1/8. ABX, GG and NEM all had fractional losses on light volume. My February ABX calls are dead and will most likely expire worthless. Even the earnings due of Thursday morning won't save them. Mentally I'm feeling OK. It's the middle of February and the volume has been pretty light the last couple of sessions. My guess is still that the market will run up one more time this week and then we'll see what happens after that. Perhaps the retail sales number will be the catalyst higher. Gold remains dead money. We'll watch what happens overnight and go from there.
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