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Friday, December 19, 2014

More of the same to wrap up the week as the Dow gained 26 points on very heavy volume.  The advance/declines were almost 2 to 1 positive.  The summation index is turning back up.  The overall market was stronger than the Dow.  Any weakness can and should be bought.  We are heading to new all time highs.  I will be looking to get some OEX January calls before the start of the new year.  If we are lucky there will be some pullback.  If not, then some type of consolidation of the recent gains will be the opportunity.  This was a pretty crazy week.  However the major players will be off for the holidays now.  Next week should be a snoozer compared to what we have just seen.  GE was up 3/8 and the volume remains heavy.  My GE March calls are now slightly in the black.  This trade once again looks like it will work but we all know what can happen in this game.  Gold was flat on the day as the US dollar continues to march higher.  The XAU was off 1/8.  ABX, GG and NEM all had fractional losses.  Volume remains good.  I have no plans to trade the gold shares now.  I am going to try and wait for the technical indicators to get oversold.  If that happens before the new year, I'll try the January GDX calls.  USO had a good move higher today by 1 1/4.  Perhaps I have missed this one.  I'm still looking at the February calls though.  Mentally I'm feeling OK.  Physically doing much better as well after the battle with the cold/flu.  The stock indices have turned back up and we are going higher.  I'll try and be patient next week since it would probably be wise to let next week go by.  But you never know.  The summation index has turned around and I'll take my cues from there.  Gold isn't doing much but perhaps if we get a bid for oil, it will help gold.  That's a guess as usual.  I still think there could be some buying of the gold shares early next year by money managers seeking the bottom fishers.  I could be wrong.  But like I said, I'll have to wait until the technicals are oversold before trying the calls there.  So I have a couple of trading ideas to wrap up the year but they will carry over into 2015.  This trading year was pretty pathetic for me on the returns.  My winning percentage was pretty low.  I'll try and improve the results next year.  I'll be checking the charts over the weekend as usual.  for now it's Friday afternoon and time for a break.

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