Tuesday, September 09, 2014
The Dow fell 97 points today on light volume. The advance/declines were 3 to 1 negative. The overall market was weaker than the Dow and that is bearish. The summation index is now heading lower. I kind of doubt that there will be enough decline in the next eight days to save my September OEX puts but in this game you never know. We were down from the start but got a lift from the AAPL product show. However the gains did not hold and we headed lower for much of the rest of the session. Not oversold yet for the major stock indices but on the way there. The VIX took a bump up but remains below its 200 day moving average. GE was off over 1/8 and the volume was light. The recent candlestick pattern here looks bearish on the daily chart. Gold continued lower, down another five bucks on the futures. The US dollar had a slight drop today as well. The XAU actually gained 7/8. ABX, GG and NEM had fractional gains on average volume. My October ABX calls remain losers and are very far out of the money. Mentally I'm feeling tired, not a good nights sleep. We'll have to see if we follow through to the downside some more tomorrow. That would be a plus for my put positions but the market would really have to move lower to make a difference. Not a lot of market moving data due out. Gold still has to visit the $1240 level in my opinion. We haven't gotten there yet. No love for gold right now and there hasn't been for quite some time. The positive seasonal bullishness for gold did not materialize this year. We'll see if the foreign markets follow the Dow lower and take it from there.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment