Tuesday, December 30, 2014
Relieving some of the overbought condition today as the Dow fell 55 points on light volume. The advance/declines were negative. The summation index continues higher. We're still not back to normal market conditions as the light volume attests. I did place an open order for the OEX January calls. We'll need to see some more decline for it to get filled. GE was off 1/8 and the volume remains light. My GE March calls are now back in the red. Plenty of time for this trade to work. Gold found some buyers today as the futures rose $18. The US dollar was lower. The XAU was higher by 2 3/8. ABX, GG and NEM all had fractional gains. The volume was better than it has been. GDX was up 2/3. It's too late for the January call trade here I think. USO was flat on the day. I left in my open order for the February calls here. Mentally I'm feeling OK. We'll finish up the year tomorrow and I don't expect a lot of movement. Thursday is a holiday. I expect Friday to be positive. Things should be getting back to normal on Monday. It is a time to be patient and the orders that I have placed hopefully reflect that. What I mean is that in order for the tickets to be filled we will have to see price action that lowers the premiums. I may simply cancel the orders before the close tomorrow as well. I would really like to get the new year going in the right direction. The past couple of years haven't been my best. It's all about discipline and timing. Trading should be thin overnight as well as tomorrow. We'll see how it goes.
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