Thursday, January 29, 2015
Back to the upside today as the Dow gained 225 points on heavy volume. The advance/declines were 2 to 1 positive. I have the flu again and did not get out of bed to take advantage of picking up some SPY calls this morning. I did place an overnight order for the SPY calls but it was not filled. That fact that we held at around the 2000 level again in the S&P 500 leads me to believe that calls are in order. However if we were to drop below that level and stay there, I would change my mind. Perhaps there will a chance to buy some calls tomorrow. GE was up 1/4 and the volume was good. Gold fell $30 on the futures as the US dollar was only slightly higher. The gold shares held up batter as the XAU lost only 1 1/3, while GDX fell 1/3. It's possible that the gold long trade is over for now. Mentally I'm feeling OK, physically not so good. I'm going to cut things short today since I am ill. Bottom line, I'm looking for SPY February calls on weakness. I'm going to get some rest and we'll see how things go on the GDP report tomorrow morning.
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