We got the expected Fed announcement out of the way as the markets gyrated like a ping pong ball in a tornado.  The Fed will continue operation twist until the end of the year.  Ho hum really.  The Dow ended the session with a loss of 13 points on light volume.  The advance/declines were about even.  We're still short term overbought but that doesn't mean we can't go higher.  The summer rally isn't over yet in my opinion.  The resistance on the S&P 500 comes in at between 1370 1nd 1380.  The summation index continues higher.  GE was up 1/8 on average volume and closed on the highs for the day.  We are right at the downtrend line in effect since the beginning of 2011 on the weekly charts.  If we can break through here on decent volume, GE will have no overhead resistance and higher it will go.  Still short term overbought and staying there.  Gold bounced all over the place today and finished down $7 on the futures and at least that much more in the aftermarket.  The US dollar gyrated as well but finished the day relatively unchanged.  The XAU fell 1 1/2.  ABX was unchanged, while GG and NEM had fractional losses.  Volume was good.  The gold shares continue to outperform the precious metal.  I'm looking at gold share calls going out a couple of months.  I"ll still be waiting for some type of pullback first though.  Mentally I'm feeling OK.  So we got the Fed over with and now what?  There's always the possibility of some type of headline out of Europe, either positive or negative.  Event risk is still possible at any time.  So it remains a time to be vigilant and to keep an eye on developments around the world.  Although I am hoping that we get a case of the summer doldrums this year.  We'll see how the overseas markets react to todays news and go from there.    

Short covering and buying before the Fed as the Dow rose 95 points on average volume.  The advance/declines were 5 to 1 positive.  We were up around 150 during the day.  The summation index continues to the upside and we are in full blown summer rally mode.  Even if the Fed does nothing and we drop tomorrow, the market wants to go higher.  Overbought, staying there and what more can I say?  GE was up 1/4 on average volume.  It's pattern today mirrored the overall market, closing off of its high.  Perhaps the July calls are to purchased on a pullback but it looks like the majority of the up move has occurred.  That could change if we break through the resistance that we are knocking on at the moment.  Gold fell a few dollars on the futures and a bit more in the aftermarket.  This despite the US dollar getting clobbered today.  Gold should be moving higher with a weaker US dollar.  The XAU was up about 2/3.  ABX, GG and NEM moved fractionally one way or the other on light volume.  I'm considering getting some GDX puts before the Fed tomorrow.  The gold shares are overbought and if the Fed does nothing tomorrow gold should drop.  If a lower dollar isn't helping gold then perhaps the market is telling us something.  Or not.  Mentally I'm a bit tired, did not sleep well.  So we'll get the Fed announcement and go from there.  It is bound to be a market mover since the anticipation is even higher than normal.  Everyone expects the Fed to do something now, so if it doesn't we should see some selling.  Even so, declines can be purchased for now in my opinion.  I'm expecting a drop in gold tomorrow and if the premiums are where I'd like to see them I may purchase some GDX July puts.  We'll see.  The overseas stock indexes rallied yesterday and I would expect some follow through tomorrow.  As the world settles down the flight to safety trade is being unwound.  That would help explain todays weakness in the US dollar and gold.  We'll see what happens tomorrow. 

A waiting game for now in my opinion as the Dow fell 25 points on light volume.  The advance/declines were positive.  The overall market was stronger than the Dow.  The Greek vote is out of the way and there were no surprises.  Greece remains in the euro for now.  But anything can still happen.  The next key market event will be the Fed announcement on Wednesday.  Once we get through that I don't see much on the horizon.  Perhaps this will be the summer of the doldrums finally.  I've been looking for that the past 2 years and it hasn't happened.  Technically the stock indices are still short term overbought.  GE was off 1/4 on light volume.  Overbought here as well.  I'm still considering the July calls here but will have to see more of a pullback.  Gold didn't do much today despite a higher US dollar.  The XAU rose 3 points as the gold shares continue to outperform the metal itself.  That is bullish for the gold shares going forward.  ABX and NEM were both higher by more than 1/2 while GG was up 1/8.  Volume was light.  I'm looking at going out to October with the calls here, at least that is my thought for today.  Subject to change of course.  There is no rush for this trade.  Mentally I'm feeling OK.  Stocks are overbought, the summation index continues higher and the summer rally has begun.  We could just simply grind our way higher here in the short term.  There's always the surprise European headline factor but with all the hype that surrounded the Greek vote over and done with, I think things there will quiet down for now.  It is all eyes on the Fed now as whatever comes out on Wednesday will be dissected and talked about to death.  We will gauge the markets reaction to the announcement and go from there.  5 weeks on the July option cycle.  Tuesday should be another non-event for the markets.  There is also a G-20 summit but I don't expect anything concrete to come out of that blabber fest.  We'll watch the overseas markets for clues about tomorrows market direction. 

No worries about Greece today as the Dow gained 115 points on good volume.  The decent volume was probably Friday expiration related.  The advance/declines were 2 to 1 positive.  Summation index continues higher.  The economic data reported today was weak in the US but it didn't matter.  Perhaps the market is expecting the Fed to come up with QE3 next week.  The stock indices are short term overbought and staying there.  I don't think that there's any doubt now that the summer rally has begun.  GE gained about 1/4 on good volume.  I really should have been in the July GE call trade and I still think there is a chance to do it looking at the weekly charts.  We are right up against the resistance line that has been in effect since the beginning of 2011.  If we get some near term pullback The July 19 or 20 GE calls should be the next trade.  There are 5 weeks in the July cycle and if we break out from resistance we'll get to 21 at the least.  We'll see what happens.  Gold was up $8 on the futures as the US dollar continued lower yet again.  It seems like the flight to the US dollar has subsided for now.  The XAU was up 3/8.  ABX was up 1/2, while GG and NEM had fractional losses.  Volume was very heavy in the gold shares today.  Expiration related?  I don't know.  I'll probably try the gold shares on the call side again when the positive seasonality takes over in the middle of the summer.  August and September are usually the strongest months for the price of gold.  For now though I'll most likely be on the sidelines here.  Mentally I'm feeling OK despite the recent losses in the ABX call trade.  There's nothing that I can do about it now.  The first half of the trading year has been terrible for me as far as confidence goes.  If it wasn't for the huge gain to start the year, I'd be showing heavy capital losses.  My trading win percentage is horrible.  I've got to get my act together in the second half.  I'm just going to have to focus better and work harder.  The stock indexes appear to simply want to go higher here.  The sellers have disappeared for now.  So much has been said about this weekends Greek elections that it could turn out to be a non-event for the markets if the expected stay with the euro group wins.  I'm starting to think that whatever happens with the Fed next week will actually be the big market moving event.  We'll see.  For now it's Friday afternoon and time for a rest.  

Back and forth we go as the stock market tries to figure out which direction it wants to go.  The Dow gained 155 points today on light volume.  The advance/declines were better than 2 to 1 positive.  No worries about Europe today but that could change at any time.  It is still a headline driven marketplace.  It still has the feel of higher prices coming though to me.  GE was up 1/3 on good volume.  Overbought and staying there for GE.  It is looking more and more as though GE is the proxy for the overall market at this point.  Missing on the July calls cost me more than just a missed trade as I'll explain in a minute.  Gold traded flat on the futures but rose in the aftermarket about $5.  The US dollar was lower yet again today.  The XAU gained 1 1/8.  ABX, GG and NEM had fractional moves one way or the other on average volume.  I dumped the ABX June Calls for a 95% loss.  I did not even know it was expiration week until I received a notice from my brokerage about this trade this morning.  I had been paying so much attention to the GE July calls that I thought the June options expired next Friday and not tomorrow.  Call is absent minded, foolish or just plain stupid.  That has never happened to me before in my entire trading life.  Lack of focus on the trade at hand?  Really?  I'm planning my strategy for an extra week of option life that isn't even there.  There wasn't a lot of money in the trade thankfully but that mistake was ridiculous.  Yeah, it's an embarrassment but it happened and there is no excuse.  Mentally I feel like an idiot.  Am I really trading the already difficult options market and I don't know when the Friday expiration is?  Maybe I need a break.  So tomorrow is expiration Friday and then we have the Greek election that the whole world is so focused on.  The summation index continues higher and I am going to guess that the summer rally began with the low on June 4th.  I don't have any trades in mind at the moment.  Perhaps I'll simply bury my head in the sand for the summer.  Doubtful. 

We hung around for most of the day but then dropped in the final couple of hours as the Dow fell 77 points on light volume.  A last minute comeback saved a loss of over 100.  The advance/declines were 2 to 1 negative.  I'm not sure if we are consolidating the gains of last week or getting ready to head lower.  The US economic data today was weak but it really wasn't a market mover.  The Greek election is this weekend and I don't believe anybody seriously considers Greece is going to abandon the euro.  We're in a wait and see mode for now as far as the stock indices are concerned.  Still more short term overbought than oversold at this point.  GE was off 1/8 on light volume.  Short term overbought here as well.  No trades there for now.  Gold rose another $5 on the futures today as the US dollar dropped again.  The XAU was flat after being higher for much of the day.  ABX was flat as well.  GG and NEM had fractional gains.  Volume was average.  My June ABX calls are just about dead and the relative strength of ABX here is abysmal.  I think the next gold share trade for me will be with GDX.  That is at least a basket of the gold shares with enough liquidity for decent option quotes.  The extra risk of trading an individual gold share issue in this case wasn't worth it.  It's something to ponder going forward.  Mentally I'm feeling OK.  The stock indexes are trying to make up their mind on which way to go here.  You could make a case for either direction.  7 days left in the June option cycle.  I think that we are going to move higher but that is just a guess.  Gold has been acting well lately but it hasn't helped the gold shares.  It would take a small miracle for me to have an acceptable loss in the June ABX call trade.  Stranger things have happened.  We'll see what tomorrow brings.

Back to the upside today as the Dow gained 162 points on light volume.  The advance/declines were about 4 to 1 positive.  So today was basically the opposite of yesterday.  The market seems to have the feel of wanting to go higher.  The summation index continues to the upside.  Perhaps we are in the beginning of the summer rally.  However we are still in a headline driven market and today had no headlines.  Retail sales should be a mover for tomorrow.  GE was up about 1/3 on average volume and closed at the high for the day.  I obviously should have gotten the July calls here instead of the June ABX calls.  If GE is a proxy for the overall market then the stock indexes will be heading higher.  Too late to try the calls here though at this point.  Overbought in the short term on GE.  Gold had a good day, up $17 on the futures as the US dollar was weaker.  The XAU rose 3 1/8.  ABX up 1/4, GG gained 3/4 and NEM tacked on a buck.  Volume was average.  My ABX calls are still very much in the red.  Unfortunately ABX is now the laggard among the major gold stocks.  This trade is on the way to being another loser.  Mentally I'm feeling tired, did not sleep well.  The stock indexes acted quite well today.  There were no apparent reasons.  Gold was up as well.  I'm in another losing trade with 8 days to go in the June option cycle.  ABX will have to have some type of strong move to the upside in order for me to exit with a smaller loss.  I suppose anything can happen with the Greek election this weekend but I don't think that they will be abandoning the euro anytime soon.  We'll watch the foreign markets tonight and go from there.

It was a one day reversal to the downside as the Dow opened higher and closed lower.  The Dow lost 143 points on light volume.  The advance/declines were about 4 to 1 negative.  Spain is getting a bailout now and I suppose that can be the reason for todays action.  We were short term overbought on the stock indices and some type of pullback was expected.  Where we go from here is the question and I don't have the answers.  My best guess is that we will be moving higher, not lower, going forward.  I do not think that we will break the lows recently seen.  Not yet at least.  GE was off a bit on light volume.  The relative strength here has been impressive, as GE was actually higher for most of the day.  I'm still considering the July calls but perhaps the opportune time has passed.  Gold was up $5 on the futures and the US dollar was up a touch as well.  The XAU however followed the overall market lower, losing 2 2/3.  ABX and NEM fell 3/4, while GG lost 1/2.  Volume was about average.  My ABX calls remain in the red.  It looks like this trade will be a loser unless ABX makes a quick turnaround.  That doesn't seem very likely but gold can be volatile and there are 9 days to go in the June option cycle.  Mentally I'm feeling OK.  Markets around the globe began with strong rallies when they opened only to sell off as the sessions progressed.  Not exactly sure what that means going forward but it usually isn't bullish.  We're still in a headline driven environment.  Have to see if there is follow through downside tomorrow.  Gold saw a bit of a bid today on the ongoing uncertainty but the gold shares did not follow.  My recent ABX trade is not going well.  We'll see what tomorrow brings.  

We continued higher today as the Dow gained 93 points on light volume.  The advance/declines were over 2 to 1 positive.  The action was bullish today as we were able to overcome the late sell off of yesterday.  The stock indices are short term overbought now but the trend is up.  The summation index is heading higher.  Declines can be purchased in my opinion as this is probably the start of the summer rally.  Of course this could all change with some type of bad news out of Europe but I doubt it.  We'll see some weakness at some point next week but I don't think it will last.  GE was up 20 cents and the volume was really heavy once again.  That makes 2 days in a row where the volume just zoomed at the end of the day.  I don't know what is going on here but I will surely buy some calls if we get a pullback.  In retrospect, I should have done this trade for the July calls early in the week.  Gold was up $3 on the futures after being lower early.  Not too bad considering the meltdown yesterday.  The US dollar was higher as well.  The XAU was up a point.  ABX, GG and NEM had fractional moves one way or the other on light volume.  My ABX June calls are still in the red.  I'll have to see some strength in ABX next week for this trade to have a chance.  It's possible since we're in a market with volatility and one that's driven by the most recent headline.  2 weeks left in the June option cycle.  Mentally I'm feeling OK.  It appears that last Fridays swoon on the employment report was the end of the decline.  The weekly stock index candlestick charts now look bullish.  The GE weekly chart is bullish as well.  I'll be looking at July calls on any declines now.  Gold did not have a good week and I think it could either way here.  We'll have to see what happens over the weekend and take it from there.  For now it's Friday afternoon and time for a break.

The Dow continued higher today as it rose 46 points on average volume.  The advance/declines were negative as the overall market was weaker than the Dow.  Bernanke gave no hints of more QE but the markets were higher for most of the day.  However the markets could not hold on to their gains.  Tomorrow will be important for the near term direction of things.  If we can rally again, that would really be a positive going forward.  If not, we'll still be held hostage by the problems in Europe.  Technically the stock indices broke through their down trend lines from May but have since returned to those lines.  The indicators are mid-range.  GE was up 1/8 on very heavy volume.  I'm not sure what all the volume was about.  I'll try the July calls here if we get some pullback.  Gold got hammered today as the futures fell about $45.  Bernankes testimony was the supposed culprit.  The US dollar was only up a touch.  The XAU fell 4 1/4, which wasn't that bad considering the drop in gold.  ABX off 1 2/3, GG dropped 1 1/8 and NEM fell a buck.  Volume was good.  I put in an overnight order for some ABX June calls and it was filled in the morning.  This trade is already in the red.  ABX has fallen much more than I expected on the news of the CEOs firing, having lost 5 points in 2 days.  There's still 2 weeks to go in the June option cycle and I plan on holding this trade into sometime next week.  But it already isn't looking good.  Mentally I'm feeling OK.  We'll have to see what happens tomorrow before the weekend but I'm still thinking that the decline is over for the most part.  I'm sticking with the theory that declines can now be bought.  If the price of the July GE calls that I'm looking at come down enough, I'll be giving that trade a try.  I do think that there is a possibility that things will slow down after the June expiration.  The Greek election and the Fed meeting will be behind us by then.  Volatility has returned for now and that should keep option premiums higher than usual.  I'm in my next trade and it looks like I'm early.  Gold is really moving around here but I think the worst is over there as well.  We'll see what happens tonight and take it from there.

The stock market soared today as the Dow gained 286 points on good volume.  The advance/declines were 8 to 1 positive.  This is the type of short covering, explosive up move that you should expect after the market had gotten so very oversold.  We haven't broken the down trend line on the major stock indices yet but I think we will in a matter of time.  You've got the positive RSI divergence and what looks like the completion of an A-B-C-D-E move down on the daily charts.  Todays action should move the summation index back up.  The market knows things that we don't and we have to listen to it.  Of course things could all change tomorrow if Europe implodes but I don't expect anything like that to happen.  GE took off and it looks like the July call trade has been missed.  GE rose 2/3 on average volume.  If we are lucky enough to get some type of pullback here, I'd be willing to give the July calls a try.  But I think the time has passed.  Gold had an interesting day as it gained $17 on the futures but then began to sell off in the aftermarket when the Fed beige book was released.  The dollar took a beating today and there was no real reason.  Perhaps the market is telegraphing the end of the euro worries for now.  The XAU was up 1/3 but was higher earlier in the day.  ABX was the big loser of the day, down over 1 1/2 as it announced the dumping of its CEO.  GG and NEM had small fractional gains.  The gold shares are due a rest and now is as good a time as any.  That's a guess as usual.  I might try the ABX calls for June since they have really come of off the highs.  Today was a one day reversal as ABX opened higher and closed lower.  Also todays downside move in ABX was a news driven event and the problems in Europe haven't quite been solved just yet.  Mentally I'm feeling OK.  Today was an incredible move to the upside and I believe it to be real.  However in bear markets sometimes rallies spring up from nowhere.  Today certainly fits that description.  But I think that there is enough technical evidence to declare the downside finished here for the stock indices.  I'll be looking to get long on pullbacks.  It looks like I've missed the GE call trade just as I missed the recent gold share call trade.  This is a pattern that I need to break.  I might try the gold shares to the long side here if we get some short term decline.  Bernanke will be flapping his gums in front of Congress tomorrow and we should move off of that one way or the other.  We should see some follow through rallies overseas tonight and go from there. 

So we got somewhat of a bounce today as the Dow gained 26 points on light volume.  The advance/declines were almost 3 to 1 positive.  The overall market was stronger than the Dow.  Still oversold on the stock indices.  Lack of volume today and it is hard to trust light volume rallies.  Seems like we're in a waiting mode on Europe and Bernanke.  It's probably still a time to be careful.  I would have expected a larger move to the upside today.  Perhaps we'll get some type of short covering move to the upside later this week.  GE was up about a dime on lighter volume.  I'm considering the July GE calls again but there appears to be no technical support on the charts until another 75 cents down.  So I'm on the sidelines but keeping an eye on things.  Gold was up a couple of bucks today as the US dollar was higher as well.  The flight to safety trade continues to attract capital.  The XAU was up 3/4.  ABX, GG and NEM had fractional moves in either direction.  Volume was lighter than it has been.  I'm leaving in the open order for the GG June call trade.  We are overbought on the gold shares but I'm still a believer that they're going higher.  I could be wrong.  Mentally I'm feeling OK.  The European markets will re-open tonight and we will probably take our cues from there.  I'm still expecting higher prices in the short term for the stock indexes.  But we are still in the headline risk environment.  However the risk could also have a positive outcome if a European Greek rescue plan comes about.  Or not.  That is the problem in the type of trading atmosphere.  Things could go either way.  We'll keep an eye out on what transpires.

Kind of a mixed bag today as the Dow fell 17 points on average volume.  The advance/declines were negative.  The overall market was stronger than the Dow.  We were much lower for most of the day but started to come back in the last 2 hours of the trading session.  Short term oversold on the stock indices here with a possible positive divergence on the daily RSI indicator.  The European markets are closed both today and tomorrow.  We should see some type of bounce here tomorrow.  GE fell 3/8 and has broken through the last near term support.  Volume was good.  Todays action would be considered a negative for the overall market going forward if GE is going to be a proxy for the stock indexes.  I'm still looking at the July calls here but simply keep lowering the strike price.  Perhaps today was the time to buy the calls but with no underlying support on the daily charts, I stayed on the sidelines.  Gold fell $8 on the futures but came back in the aftermarket.  The US dollar was weaker today.  The XAU was lower early but came back to post a gain of almost 2 points.  ABX and GG had fractional gains, while NEM rose 1 1/4.  Volume was pretty good.  I placed an order for some June GG calls.  GG has yet to break its down trend line on the daily charts that goes back to the beginning of March.  We are right on the cusp of doing so though.  I'm leaving the order open but most likely I have simply missed the opportunity to profit from the current rise in the gold shares.  The gold shares are short term overbought now.  Mentally I'm doing OK.  We did get some follow through to the downside today in the stock indices but began to fight our way back.  I'm expecting higher prices tomorrow.  I'll consider the July GE trade tonight.  Money continues to flow into the gold shares and this is a trend that I expect to continue for a while.  Declines, if we see any, can be bought.  Not a lot of economic data out this week but we do have a meeting in Europe and Bernanke testifies before Congress on Thursday.  We'll see what tomorrow brings.

Well, I could not have been more wrong.  I felt that the level of bearishness was just too high and that stock prices would at least stabilize if not move higher.  I thought that the time had already passed for a market collapse.  That certainly isn't happening.  The Dow fell 275 points today after a weaker than expected jobs report.  The advance/declines were 6 to 1 negative and volume was good.  Expect some follow through to the downside on Monday.  We might get a McClellan oscillator divergence by then but it may not mean anything.  Today did not have the climatic feel of a bottom but my take on things lately has been off anyway.  European problems weren't highlighted today and they haven't gone away.  I suppose the only plus for me here is that at least I'm not in any losing trades.  GE was off 1/2 on good volume.  I'm not so sure about the July calls here now.  I may go down a strike price but I will probably just sit things out for now.  Gold was the upside star of the day.  The futures gained almost $60 today.  The US dollar lost a bit of ground but not much considering the jobs number.  The flight to safety trade is on in a big way.  The XAU gained 8 7/8.  ABX up 2 7/8, GG and NEM  rose 3 1/8.  Volume was extremely heavy.  The gold shares are the place to be.  My order for ABX June calls was never filled and I have once again missed a major move.  I built a position in the May gold share calls when it should have been June.  But what can you do?  I may try the GG June calls because GG has lagged here and may play catch up.  Mentally I'm feeling pretty frustrated over missing out on the gold share calls.  Not to mention my read of the stock indexes here has been completely wrong.  I'm in a bad trading rut.  I am going to have to try and regroup over the weekend.  I'll be checking the charts and trying to come up with something for next week.  Money is moving into gold in a big way and that is now obvious.  Any pullbacks can be purchased.  The stock indices have broken down badly and we could be in the catch a falling knife phase.  Plenty to ponder in the next 2 days.  For now it's Friday afternoon and time for a break.

We bounced around today ahead of tomorrows employment report and finished the day with a loss of 26 points on the Dow.  The advance/declines were slightly negative and the volume was pretty good for a change.  Perhaps due to the end of the month but that's just a guess.  We were down 100 points early and made it all the way back to positive territory before falling once again.  The US economic data was weak and there was no new news out of Europe.  Anything can happen tomorrow and I certainly don't know what will occur.  However I'm still a believer that there will be higher prices coming soon.  There is way too much bearishness around.  GE was up a touch on average volume.  I'm still considering the July calls here.  Gold lost just a buck after coming back from its early lows.  The US dollar was a touch higher today.  The XAU fell 1 1/2.  ABX was flat while GG fell 1/2 and NEM dropped 2/3.  Volume looked to be average.  I'm still leaving in the open order for the June ABX calls.  The relative strength of ABX lately has been strong for the gold mining stocks.  I would like to do this trade but I am not going to press the issue.  If the price ABX declines to fill my option order, I'll take it.  If not I'll be looking elsewhere.  Mentally I'm feeling tired, did not sleep enough.  So we'll get the jobs report, the market will react and then what?  We're still at the mercy of Greece, Spain and whatever else happens in Europe.  There is no easy solution there and no quick fix.  A tougher than usual trading environment.  Technically it looks like some of the stock indices are trying to put in a short term double bottom.  Time will tell on that.  We'll get through tomorrow and go from there.

European worries are back on center stage as the Dow fell 160 points on light volume.  The advance/declines were 6 to 1 negative.  Headline risk remains the variable here for trading.  The economic data out today in the US was weak but everything seems to take a back seat to Europe.  Know the trading environment and act accordingly.  I am still of the belief that we are not on the verge of some type of major market collapse here.  I could be wrong and often am.  GE was off 1/3 on average volume.  I'll probably be getting some July calls here if we work our way back to around $18.50.  No rush to purchase at the moment.  Gold was higher on safe haven buying, with the futures up about $15.  The US dollar was up as well as it continues to set new highs not seen since 2010.  The XAU was off 1/3.  AB and GG had slight gains while NEM had a fractional loss.  Volume was a little less than average.  My open order for the ABX June calls wasn't filled and I'm leaving it out there.  I'm also still a believer in the gold shares for now due to the uncertain conditions around the globe.  But anything can and will happen.  Mentally I'm feeling OK.  The summation index has probably turned back down with todays market action.  We could just be forming a bottom in this this indicator and that is what I suspect is happening.  However we are at risk of some kind of event that hasn't been discounted yet.  Interesting times but we're only concerned with how to trade for profit.  There's nothing wrong with waiting things out on the sidelines as well.  Money needs a place to go and I think that gold will be supported here as a place to hide for now.  That's why I'm continuing to try and buy the June calls for ABX.  We'll see what happens.     

We began the shortened week with a rally as the Dow gained 125 points on light volume.  The advance/declines were 4 to 1 positive.  With so much bearishness, some type of advance almost had to occur.  Getting short term overbought now for the stock indexes.  However todays action will turn the summation index back to the upside.  I'm still a believer in higher prices going forward but the problems in Europe are not just going to go away.  I'd be nimble here as we are still at the mercy of headline risk.  GDP and employment reports in a couple of days.  GE was up almost 1/4 on light volume.  I'm still looking at the July calls here on a pullback.  May or may not happen.  We are approaching a down trend line that has been in effect since the beginning of March and the 50 day moving average line.  Perhaps we'll stall here.  Gold took a hit today as the US dollar had some strength.  The precious metal lost over $20 on the futures.  The XAU only fell 2 1/8.  ABX off around a buck,  GG fell 1 1/3 and NEM dropped 2/3.  Volume was average.  I placed an order for some June ABX calls again and I'm leaving it in overnight.  I'm not exactly sure that this is the right trade but we did break the down trend line in ABX on good volume last week.  We should drop back towards that line and that is what I think is happening now.  Once that takes place we should resume the move to the upside.  Sounds good in theory but the reality of things doesn't always match up.  Mentally I'm a bit tired, did not sleep well.  We've begun the week with a light volume rally and those are the types of rallies that can never be trusted.  It's also possible that a lot of the players haven't returned to the game after the long holiday weekend.  So we'll see.  There is some data out this week that should move the stock indices but Europe and its problems will continue to be in the mix.  I'm maintaining a positive outlook for the stock indexes for now.  It looks like I'll be trying the gold shares again unless we get a complete breakdown in gold itself.  I don't anticipate that happening though.  We'll see what happens overseas tonight and take it from there.

We ended the week with a whimper as the Dow fell 75 points on extremely light volume.  The advance/declines were slightly positive.  The overall market was stronger than the Dow.  Nobody is really going to commit any money to this market ahead of a long holiday weekend.  We have worked off the recent short term oversold condition but the price gains haven't been that much.  The longer this continues, the less bullish my opinion gets.  GE was off a touch on  the same very light volume.  I have no open orders here but will remain in the camp of looking at the July calls.  Gold was up $11 on the futures and a bit more in the aftermarket.  The US dollar was up a touch today.  Thin markets all the way around.  The XAU gained 3/4.  ABX, GG and NEM all had fractional gains on light volume.  I canceled my open order for the June ABX calls and I'll try again next week.  Any pullback in the gold shares can be purchased in my opinion.  If ABX comes back to the trend line that it broke this week, that will be the time to buy the June calls.  May or may not happen.  Short term overbought on the gold shares here.  Mentally I'm doing OK.  The stock indices are in a wait and see mode as the problems in Greece continue to dominate trading decisions.  We'll get some important US economic data next week but it may not matter if something big happens in Europe.  It's a tougher than usual trading environment.  I'm still a believer that a crash is not coming anytime soon.  But perhaps sideways will be the trend and not the advance that I previously thought.  Time will tell.  I'll be checking the charts over the long weekend in hopes of coming up with some type of game plan for the coming week.  For now it's Friday afternoon and time for a rest. 

The Dow gained 33 points today on light volume.  The advance/declines were positive.  We spent much of the day in negative territory but rose in the final hour.  The overall market was weaker than the Dow.  Still a lot of bears out there but believe it or not we are approaching short term overbought for the stock indexes.  The markets are being held hostage once again by the problems in Greece and the election there isn't for another 4 weeks.  I'm still a believer in higher prices short term but that could change.  Maybe we'll simply move sideways for a while.  It's a guessing game sometimes when the volatility expends.  GE was up 1/8 on average volume.  I'm still looking at the July calls here but will be looking for a better entry point.  Gold rose $10 on the futures today but was much higher as the US dollar gained a bit.  The XAU was up 1/8.  ABX, GG and NEM all had slight fractional moves one way or the other on good volume.  I've left in an open order for some June ABX calls but we'll need to see some weakness in the stock to get filled.  The gold shares are acting extremely well here.  I think any weakness can be bought although the ideal time for purchases has passed.  Mentally I'm feeling OK.  I still think the stock indices will be moving to the upside here.  There are still too many bears.  One thing is certain though.  The troubles in Greece are not going to just go away.  Whatever happens with the election in June doesn't change the fact that Greece is bankrupt.  How and when the markets sort that out is probably the underlying theme for the markets recent movement.  I try and go by the technicals and they got blown out to the downside recently.  However we did not really see a stock market crash.  So I'm thinking we should start to move higher.  I could be wrong.  The gold shares have acted really well lately and still have plenty of room to move to the upside via the weekly charts.  I think that will be the next trade if I get the chance.  We'll simply get through tomorrow before a long holiday weekend and go from there.   

Quite a day in the markets as the Dow was down almost 200 points during the day but came back to only post a loss of 6 points.  The advance/declines were positive and the volume was good.  Plenty of short covering in front of a meeting tonight in Europe.  The problems in Europe are not going away despite what comes out of this meeting tonight.  However the stock indices got very overbought and in my opinion we are going to head higher.  There are too many bears and the opportunity for an actual crash has passed.  I could be wrong.  I did look at the technicals in the past when we have reached the oversold levels that we are seeing today.  The odds favor some type of rally here, not a collapse.  GE was flat on the day after being down 3/8.  I did put in an order for some July GE calls but it wasn't filled.  I am probably too late here at this point.  I wasn't quick enough with the order because by the time I finally decided to try it we already started moving off of the lows.  Gold fell $28 on the futures and was lower than that early on.  It started making a comeback in the aftermarket despite strength in the US dollar that took it over the 82 level.  However even with the weakness in gold, the gold shares were moving higher.  Last night I placed an overnight order for some June ABX calls but it wasn't filled.  I was once again too slow when I saw buying in the gold shares but weakness in gold.  I am still leaving in an order for the ABX calls but it once again is probably too late.  The XAU rose 6 points today.  ABX up 2, GG rose 2 1/3 and NEM higher by 1 1/3.  Volume was good.  ABX is breaking to the upside from a down trend line that has been in effect since the beginning of March.  If we get a pullback to the trend line, which is the next technical expectation, that will be the opportunity to get some calls.  It may or may not occur.  Getting overbought now on the gold shares but that may not matter.  Mentally I'm feeling tired.  Interesting times in the marketplace at the moment.  Volatility has picked up substantially.  There are opportunities now as I think the risk of moving much lower from these levels is nominal for the stock indices.  Unfortunately for me, I'm still kind of reeling from the last huge loss in the ABX call trade.  The mental capital is always the most important.  There's so many bears out there now that the market should move higher.  Gold made a nice comeback today and should now be moving higher as well.  We'll see how the markets react to whatever kind of statement that comes out of Europe tonight.  But don't be surprised if we get some type of rally tomorrow no matter what the news is.  

We were higher for most of the day but fell off in the final hour to basically finish the day unchanged.  The Dow fell a point and change on good volume.  The advance/declines were slightly positive.  Worries from Europe were the excuse for the fall from the earlier highs.  We got the bounce and now we'll see what happens.  The ideal scenario would be for a lower low in the indices and a higher McClellan oscillator.  However ideal scenarios rarely pan out.  So I'm not sure exactly what to expect but I'm going to be looking at calls since it seems the whole investing world is bearish at the moment.  I could be wrong and often am.  GE was actually up a touch on better volume.  Looking out to the July calls here.  No trade is imminent here though.  In fact there's a chance that we remain sideways for an extended period here and in the stock indexes as well.  But nobody can predict the future.  Gold fell $12 on the futures and more in the aftermarket as the US dollar had a very good day.  That in itself may be more telling of things to come.  Money is still seeking a safe dollar haven.  The XAU dropped 1 2/3.  ABX shed 1/2, GG lost 3/8 and NEM fell 1/8.  Volume was good.  So the gold shares held up pretty well for a change despite the drop in gold.  That is usually bullish for this group going forward.  I'm looking at the June ABX calls again.  However if GLD decisively breaks the 150 level and stays there, then all gold share call trades are off.  There is a potentially huge head and shoulders bottom in the US dollar on a weekly basis chart.  If this pattern is triggered by the dollar breaking out above 82 on good volume, gold should drop even further.  Hasn't happened yet but it could.  Mentally I'm feeling tired, did not sleep well.  Tomorrow should be interesting in the stock indexes because if we are going to head lower again, it should start to happen now.  We got the long overdue bounce and the key is what happens next.  I can only guess at what happens next but with so many calling for a crash, I doubt that's going to be the outcome.  We'll see.  I'm feeling better about making some kind of trade here and that's good for the confidence level going forward.  I may just try the ABX calls again.  Or not.  We'll follow the overseas markets for clues to tomorrow and take it from there. 

Finally a bounce today as the Dow gained 135 points on light volume.  The advance/declines were 6 to 1 positive.  No real news today but the oversold condition was so drastic and had lasted so long that this positive action was long overdue.  The question now is what's next?  There are so many bears out there that I would guess that we're going higher.  I think that the opportunity the market had to crash is gone.  A huge down move is still possible but I think that the odds for that have diminished.  I could be wrong.  We'll have to see if we get any follow through upside tomorrow.  There is a chance that this was simply the opposite of expiration Friday and the prevailing trend, which was lower, ensues.  That does happen at times.  But I think the bulk of this decline is over.  GE was up an 1/8 or so on light volume.  No trades there for now but I am looking at the July calls.  Gold lost a couple bucks despite the US dollar being lower.  The XAU followed the overall market higher by 4 2/3.  ABX up a buck, GG higher by 3/4 and NEM led the way with a gain of 1 3/4.  Volume was light.  It's usually a positive sign when NEM leads the gold shares higher.  I might try the June gold share calls if we go back and test the recent lows.  Hasn't happened yet.  Gold itself has so far been successful at holding the $1500 level.  We'll see.  Mentally I'm feeling OK.  We got a nice bounce today as there was no news out of Europe today to derail the rally.  The bounce is coming from extreme oversold levels.  I'd still be careful here but my gut feeling is that the bulk of the decline, if not all of it, is over.  Perhaps waiting for a positive divergence on the McClellan oscillator, if it happens, is the way to go.  We've just begun the June option cycle so premiums are high.  I've got a couple of ideas now for the next trade so we'll see what happens.

We closed out the week with yet another down day as the Dow fell 73 points on good volume.  The advance/declines were 3 to 1 negative.  Even option expiration week couldn't help this market to even bounce.  We are at an area technically that it is a surprise that we haven't just collapsed.  The McClellan oscillator is very oversold and staying there.  The summation index is heading lower and we are about to pass through the zero line.  I would still be very cautious here.  Some indices appear to be in free fall.  TRAN is in a rapid decline despite the drop in oil.  There's something going on here under the surface and I certainly don't know what it is.  GE was flat on the day and the volume was good.  I'm still looking at the July calls but I'm in no hurry.  Gold was higher again, this time up $17 on the futures.  It was a good week for gold.  The US dollar was lower today for it's first real loss in 3 weeks.  The XAU was flat on the day after being much higher early.  ABX, GG and NEM had fractional moves one way or the other on good volume.  These issues also opened much higher and sold off for the remainder of the trading day.  I may try the June calls here if we sell off into this weeks lows again with a higher RSI reading.  Or not.  I will have to look at the charts over the weekend.  There is also the possibility that what we saw in gold and the gold shares this week is simply a dead cat bounce.  Mentally I'm feeling OK.  It seems like the stock indexes have been moving in a straight line down since the beginning of May.  We are in a dangerous place technically that should resolve itself in a hurry.  As I said, I'm surprised that we haven't fallen further and faster.  There are no buyers.  Next week should be interesting.  Gold finally found a bid and we will have to see if that is for real.  If the stock market continues to be shaky though, I'd expect more money to flow into the US dollar.  We'll see.  There's always the chance of some unexpected developments out of Europe as well.  That's it for this week.

Well it wasn't a multi-hundred point loss but we were on our way as the Dow fell 156 points on heavy volume.  The advance/declines were 6 to 1 negative.  Oversold, staying there and beginning to unravel.  Summation index heading lower.  We are way overdue for a bounce but at this stage that's probably all it would be.  Perhaps if it wasn't for expiration week we would be even lower.  We're in a technically precarious position and caution is advised.  I don't know what the root cause is but the market is speaking and we must pay attention.  I'm on the sidelines for now.  GE was off 1/8 on good volume.  Looks like GE is not a proxy for the market here.  I'm still back to considering the July calls.  But no trades for now.  Gold finally bounced as the futures gained $38, even with the US dollar moving higher.  The XAU rose 5 1/3.  ABX up 2 1/8, GG higher by 2 and NEM gained 1 3/4.  Volume was good.  I'm looking at the June calls here on the bounce.  But I'm in no hurry after the last ABX call trade debacle.  However if the technicals cooperate I may try a trade here within the next couple of weeks.  Mentally I'm feeling OK.  Anything could happen tomorrow since we closed on the lows for the day.  We are getting the Facebook IPO on Friday and that may help stabilize things for a day.  Option expiration as well.  Interesting times but we really only care about making money from trading.  The problem is that it is really tough in times like these.  Opportunities are out there but I'm currently at a loss to discover them.  I don't have a decent handle on what's going on with the markets at the moment.  I only know that being careful here is probably the most prudent course of action.  Gold and the gold shares should have bounced weeks ago and they finally did today.  Will the same thing happen to the stock indexes?  Stay tuned. 

Once again we tried to rally but to no avail.  The Dow fell 33 points on good volume.  The advance/declines were 2 to 1 negative.  Summation index continues lower.  The Fed minutes didn't do much and the problems in Europe remain center stage.  My technical indicators are so oversold at this point that I believe one of 2 scenarios is about to happen.  The stock indices are either going to begin multi-week rally or we are going to see a quick multi-hundred point decline.  We do not reach these technical levels very often.  I still believe that it's a time to be cautious.  GE was up 2/3 on very heavy volume.  GE announced that it is in the process of reissuing its dividend.  If GE is a proxy for the overall market, then a rally is imminent.  However one day does not make a trend.  I am once again looking at the July calls here.  Gold remains in liquidation mode as the futures fell $20.  The US dollar was higher again.  The XAU was up 3/4 but finished well off of the highs.  ABX, GG and NEM all had fractional gains on good volume.  We finished well off the highs here as well.  The gold shares showed a brief pop after the Fed minutes but that was about it.  No trades in mind here yet but I will get long again at some point.  Mentally I'm feeling OK, slept well enough.  The stock market is still being held hostage by the problems in Europe.  Once again, there are no quick or easy solutions there.  We move from headline to headline.  It is a tough trading environment.  There's no shame in conserving capital with this type of situation.  That said, you don't make any money either.  But I still think it is a time to be safe rather than sorry.     

The stock market tried to rally today but failed.  The Dow lost 63 points on average volume.  The advance/declines were almost 2 to 1 negative.  Summation index continues lower, implying more decline.  Oversold  technically and staying there which could mean even bigger trouble ahead.  I really think it's a time to be cautious.  The problems in Europe are center stage again and there is no easy fix there.  We should have had some kind of triple digit oversold bounce by now.  I'm on the sidelines.  Even the usual expiration week positive bias isn't working.  GE was off about 1/4 on average volume.  Looks like a breakdown out of the congestion zone here.  No trades in mind for GE at the moment.  Gold simply continues to fall, down $4 on the future and another $15 in the aftermarket.  The dollar remains in rally mode and was higher today.  The XAU dropped 5 2/3.  ABX down 1 1/2, GG fell a buck and NEM lost 1 1/4.  Volume was good.  Breaking to new lows on the gold shares and no end in sight.  There is something going on here but I certainly don't know what it is.  I'm guessing money needs to be raised and gold is something to sell.  There will be a time to buy the gold shares and I believe that time is way overdue.  But I would only be guessing at when that time is.  The technicals and indicators that usually work here are blown out to the downside.  I remain on the sidelines.  Mentally I'm feeling OK.  We are in the process of breaking down in the stock indices.  Anything could happen.  Buying interest has dried up.  Once again it is a time to be careful in my opinion.  Gold is still dead money unless you are on the short side.  We'll see what tomorrow brings.

We appear to be starting another leg down as the Dow fell 125 points today on light volume.  The advance/declines were 6 to 1 negative.  Summation index heading lower.  Oversold and staying there.  No interest in buying stocks at the moment.  Expiration week and it could get volatile.  I'm on the sidelines with no OEX trades in mind.  We should have had some kind of decent bounce by now.  I think it's time to be careful on the long side.  GE dropped 3/8 on average volume.  The same holds true here.  It looks like we are heading lower.  I'm not considering the July calls anymore.  Gold fell again, off by over $20 on the futures as the rally in the US dollar continues.  Gold is not getting the same flight to safety money inflows as the US dollar is here.  Commodities are dropping.  The XAU 4 points.  ABX down 1/2, GG lower by 1 1/3 and NEM lost 2/3.  Volume was average.  The gold shares continue to be beaten up and there is no end in sight.  Considering the last horrible ABX call trade, I have no idea as to when to try the gold shares on the long side again.  Same very oversold and no bounce scenario.  Mentally I'm feeling OK.  It looks like we're breaking the necklines on the stock indices.  That means lower prices ahead.  No upside bias to expiration week yet.  However we could go lower in a hurry.  It's a time to rather be safe than sorry.  Gold continues lower.  It looks like things are being liquidated for whatever reason.  We'll see what happens tomorrow.

We bounced around today as the Dow lost 34 points on light volume.  The advance/declines were negative.  The stock indices tried to get something going to the upside after dropping at the open but there was no interest.  Still very oversold here both short and medium term.  I think it means that we are either going to start a decent rally from here or we are about to have a pretty good and fast decline.  I don't think there is any middle ground.  Normally I would say we are going to rally at this point but the fact that we haven't yet is worrisome.  So we will wait to see what happens next week.  GE was flat on very light volume.  We're at the bottom of the trading range here.  No trades for now in GE.  Gold fell again, down $11 on the futures.  The US dollar had a slight gain.  ABX off 3/4, GG fell 1/2 and NEM lost 7/8.  Volume was light.  The weekly charts are oversold on the gold shares and the decline has gone on since February.  I suppose I'll be in a wait and see mode here.  We didn't get any type of rally in the gold shares when we should have and that is the same thing that I'm seeing in the stock indexes right now.  Mentally I'm feeling OK.  Not exactly sure what to expect next week but there should be some volatility with expiration week upon us.  There's usually a positive bias.  For me at the moment it's probably better to wait things out on the sidelines until I see a decent technical set up and some confidence returns.  I think the way things are in the stock market at the moment that it could go either way.  Gold still appears to be dead money.  I'll be checking the charts over the weekend as usual.  For now it's Friday afternoon and time for a break.

Well we got a bounce today but it wasn't much of one as the Dow gained 20 points on light volume.  The advance/declines were positive.  We opened much higher and gradually sold off for the remainder of the day.  Still oversold but now both on a short and medium term basis.  The summation index continues lower.  We're still on the cusp of something here but what that is, I don't know.  Teetering on the neckline of potential head and shoulders tops for some of the stock indices.  GE was up about 1/8 on light volume.  It looked like we were going to break out to the downside in the trading range but we are back stuck in the range.  No trades in mind here really but I'm still looking at the July calls.  Gold didn't do much today and neither did the US dollar.  The yellow metal was up a buck on the futures.  The XAU was flat on the day.  ABX up 1/8, GG off 1/4 and NEM dropped 1/3.  Volume was light.  The weekly candlestick charts are starting to look constructive for the gold shares.  There is a possible hammer/morning star pattern developing.  The weekly technicals are blown out to the downside as well.  Mentally I'm feeling OK.  We really need to see more of a bounce for the stock indexes here in my opinion or we are on the verge of sharply lower prices.  That's my best guess right now.  I think we are at a point where anything can happen.  The market will go where it wants.  The problems in Europe seem to be taking center stage again.  I've been pretty much wrong on the gold shares lately and it was costly mentally and monetarily.  No trades there for now but I will attempt to trade there again.  We'll see how the week closes out.

Still moving lower as the Dow fell 97 points on good volume.  The advance/declines were 2 to 1 negative.  Even more oversold now on a daily basis.  Summation index still heading lower.  I still expect a bounce here but that might be about it.  However my ideas have been wrong lately.  European worries continue.  GE lost 1/3 on heavy volume.  The question here is if this the beginning of a break to the trading range or a downside washout.  Time will tell.  Gold fell another $10 on the futures as the rise in the US dollar continues.  However the XAU gained 2 1/2.  ABX up 7/8, GG rose a buck and NEM higher by 1 3/4.  Volume was good.  Perhaps this is finally the end of the gold share decline.  It is the first out performance for the gold shares in a long time.  We'll see.  Mentally I'm feeling tired, did not sleep well.  I still feel that we are at a very important point in the stock indexes.  How the week ends will be telling.  I expected a bounce today and I think the odds of that happening tomorrow are very good.  What happens after that will be key.  Stay tuned.  

We sold off hard early in the day but made a comeback to finish with a loss of 76 points on good volume.  The advance/declines were negative.  Todays action was what I expected for yesterday.  Not exactly sure where we are heading from here.  Short term oversold on the stock indices right now.  However the summation index is heading lower.  But the McClellan oscillator is showing a potential positive divergence.  We now have lower lows in some indexes but a higher McClellan oscillator reading.  I suppose the key word there is potential.  So the technicals are somewhat mixed but I would expect some type of bounce here.  I thought that yesterday as well.  My take on things lately has been way off.  GE was off 1/8 on light volume.  Nothing new to report here.  No trades in mind at the moment.  Gold took a hit today as the US dollar strength led to a commodity sell off.  The precious metal fell about $35 on the futures.  The XAU dropped 5 points.  ABX lost 1 1/4, GG fell 1 2/3 and NEM shed 1 3/8.  Volume was good.  Gold and the gold shares continue to be liquidated.  I have no idea why they are being sold off.  I can only guess that money needs to raised overseas or the big players are still getting out.  Very oversold and the Gold/XAU ratio remains off the charts.  I dumped the remaining ABX May calls for another over 90% loss.  I now have no open positions.  The ABX trade was sobering.  But it means nothing now.  I try and make the proper adjustments going forward.  Mentally I'm feeling OK.  The stock indexes need to hold on here for the bulls to still be in control.  We are right at the necklines of some possible head and shoulders tops reversals.  This is an important point in the stock market and will set the tone for the rest of the month in my opinion.  But I could be wrong and often am.  Gold broke down from the recent support on good volume and that is bearish despite being very oversold.  It looks like support comes in around 1550 but who knows if that will hold.  I'm on the sidelines for now until I can sort things out.  I doubt I'll be attempting any trades in the remaining May option cycle.  We'll see what goes on tomorrow.  A bounce is due.

A lower start to the week as the Dow fell 29 points on light volume.  The advance/declines were positive and the overall market was stronger than the Dow.  The S&P 500 futures sold off big on Sunday night after the election results from overseas.  However there was no follow through downside when the markets opened up today.  We had every reason to sell off this morning and we didn't.  That usually is a sign that the stock market wants to go higher.  The daily technicals on the stock indices are now more oversold than overbought.  GE was flat on the session with light volume.  Still in the trading range here.  Gold dropped $6 today as the US dollar was higher.  However the dollar was much stronger early in the day and came back well off of the highs.  The XAU was off 7/8.  ABX and NEM were both flat on the day while GG lost 3/8.  Volume was light.  I still have some May ABX calls open that are losers.  I'll be selling them this week but am waiting for some kind of bounce to perhaps cut the loss.  The gold shares are oversold and have been for a couple of months.  Gold and the gold shares are dead money.  My trading account died a bit with them.  Mentally I'm feeling OK.  9 days left in the May option cycle.  I don't see myself doing any trades after the ABX call trade debacle.  If anything I'd be looking at the OEX calls here.  But my confidence is shot, so the sidelines seem like a good place to be for the moment.  Not a lot of economic data out this week, so there won't be much to trade off of.  We'll see what goes on tonight and take it from there.

It was an employment downer as the Dow fell 168 points on a weaker jobs number.  The advance/declines were 3 to 1 negative and the volume was average.  The summation index is back to moving lower.  Some of the daily charts on the stock indexes have potential head and shoulders tops on them.  If they break the necklines, things could get ugly really fast.  That has yet to happen.  I thought prices would continue higher for the stock indices but whatever I've been thinking lately has been wrong.  We will have to wait and see what happens on Monday.  Todays developments were anything but positive.  GE was off 1/4 on light volume.  Still in a range and no trades for me there.  Gold held up pretty well despite a rise in the US dollar.  The precious metal futures gained $10.  The dollar rose despite the weak jobs report as the troubles in Europe are back in the trading picture.  Perhaps gold will be perceived as a safe haven again.  Todays gains didn't help the gold shares as the XAU ended flat.  ABX off 1/8, GG up 1/8 and NEM rose 1/2.  Volume was average.  I sold most of my position in the May ABX calls for a 95% loss.  I held on to the later lower strike price calls.  I will probably sell them next week.  Just trying to cut the loss there if we see some strength in gold early next week.  Gold has been moving sideways for 2 months but the gold shares have tanked within the same time period.  Building a position in the May ABX calls was obviously the wrong move and lack of discipline just compounded the mistake.  I'll have to put it behind me and move on.  Mentally I'm feeling a bit tired, did not sleep well.  I think it will be interesting to see how Monday turns out after todays decline in the stock market.  I'm not exactly sure what is going on in Europe besides the election in France but we'll have to just wait and see.  The weekly technicals for the stock indexes have rolled over.  Gold has been dead money for a while.  Perhaps that will change if we get a good dose of fear.  It won't matter for the May calls that I had.  That was one of the all time worst trades I've ever done and I will probably need some time to recover.  Confidence is gone.  My mental capital has dried up.  But I'll still be checking the charts over the weekend and continue to do the work necessary to lead up to the next trade.  Friday afternoon and time for a break.

A bit more to the downside before tomorrows much anticipated employment report as the Dow fell 62 points on average volume.  The advance/declines were 2 to 1 negative.  The summation index is still trending higher.  The technicals for the stock indices are in overbought territory.  Tomorrow will set the tone for the next extended move in my opinion.  But that's a guess as usual.  GE was off 1/8 on light volume.  Still stuck in the range between 19 and 20 on the daily charts.  No trades here for now.  Gold fell $20 on the futures and the US dollar finished the day with a slight gain.  The XAU lost 5 3/4.  ABX off 1 1/3, GG fell 1 3/4 and NEM lower by 1 1/2.  Volume was good.  The gold shares have been beaten down to a level not seen since 2010.  Oversold and staying there.  Gold itself has held up much better.  Regardless of the employment report tomorrow, my ABX calls are dead.  Mentally I'm feeling OK.  Tomorrow should be interesting and I have no clue as to which way things will turn out.  We will simply have to wait for the markets reaction to the numbers.  I have no trades in mind for the May option cycle after the debacle with the ABX trade.  I will have to take a step back and reassess my own trading tactics because obviously what I've been doing lately just isn't going to work.  With the exception of the first trade of the year, my results have been horrible.  Confidence is a key factor for success and right now it is an area that I'll need to work on.  My mental state is in a down mood because I did not have the discipline to simply take the loss early.  I definitely put too much emphasis and money on the ABX trade.  It cost me both mentally and monetarily.  I'll need to regroup.  We'll see what happens tomorrow.      

The Dow opened lower and stayed in the red all day.  We finished the day with a loss of only 10 points though.  The advance/declines were negative.  The NASDAQ was higher on the day and that could bode well for the bullish cause going forward.  The summation index is moving higher.  The short term technicals are still overbought here though.  It's a mixed bag technically.  Waiting on Fridays employment report.  GE was pretty much flat on the day after being lower early.  No trades there for now.  Gold fell on the strength of the US dollar.  The dollar rose due to European worries again.  The gold futures fell 8 bucks.  The XAU lost 2 7/8.  ABX off 1 1/8, GG dropped 1/2 and NEM fell a buck.  Volume was light with the exception of ABX which was a bit above average.  The ABX earnings were a bit less than expected and the stock dropped from the open.  My ABX calls are losers.  The lower strike price later purchase is now in the red as well.  This trade will be a big loser as I built a position and was wrong.  As I said yesterday, waiting for the earnings report is never a good strategy.  Mentally I'm feeling tired, did not sleep enough.  The stock indexes are holding up pretty good here despite lackluster economic numbers of late.  We still have to wait on Friday though.  However it seems at the moment the market wants to move higher despite the numbers.  As for the ABX trade, it's a loser.  There was no discipline and the stop loss order was never put in.  These are mistakes that should never happen.  You've got to keep moving forward though.  I'll simply have to regroup and move on to the next trade.  Confidence will be the issue for me going forward.  The technicals were oversold for ABX and the Gold/XAU ratio was in the buy zone.  The trade still didn't work.  I should have cut the loss early but didn't.  It isn't the first time and it probably won't be the last.  It will end up being close to a 100% loss.  That is inexcuseable.  But the markets move on.  We'll see what happens overnight and go from there. 

We finished with a gain of 65 points on the Dow but finished well off of the highs for the day.  The advance/declines were almost 2 to1 positive and the volume was light.  The economic data reported today was stronger than expected and that was the catalyst for todays rally.  Beginning of the month money flows was also probably a contributing factor.  Where we go from here is the next question which should be resolved on Friday.  Probably a waiting game until then.  GE was up 1/4 on light volume.  It looks like we've been stuck in a range between 19 and 20 for the past 2 months on the daily chart.  We will have to see which way it breaks but my guess would be to the upside.  Gold lost a couple bucks on the futures as the US dollar was a bit higher today.  The XAU was up 1/2.  ABX was flat ahead of the earnings release, while GG and NEM rose around 1/3.  Volume was light.  My ABX May call trade will all depend on the earnings tomorrow.  That is not really the position that I would like to be in.  I'll simply hope for the best and see what happens.  That is no way to trade.  Mentally I'm feeling tired, did not sleep well.  The short term technicals for the stock indices remain overbought.  Todays fade away from the highs isn't exactly bullish.  The coming employment report looms large so I doubt we'll see any major movement before then.  I could be wrong.  I'm waiting for tomorrow mornings ABX earnings announcement and I'll take it from there.

We ended the month of April with a slight loss as the Dow fell 15 points on light volume.  The advance/declines were negative.  The overall market was weaker than the Dow.  The week could just end up being a waiting game for Fridays employment numbers as far as the stock indices are concerned.  That's just a guess as usual.  I would expect to see some beginning of the month money flows in the next couple of days though.  I have no OEX trades in mind here but I'd be leaning towards the calls.  GE was off about 1/4 on very light volume.  No hurry to put on any trades here but I am looking out to the July calls.  Gold was flat on the day after selling off early.  The US dollar gained just a bit.  The XAU fell 7/8 and was lower early on as well.  ABX and NEM dropped 1/4, while GG lost 7/8.  Volume was light.  My ABX May calls are still very much in the red with the exception of the purchase at the lower strike price.  Simply waiting for the earnings out on Wednesday morning.  That will determine if the loss will be big or small.  Three weeks left for the options but I doubt I'll be holding on for that long.  We'll see.  Mentally I'm feeling OK.  The stock indexes were getting short term overbought and todays action relieves some of that condition.  Todays daily candlestick pattern on the RUT looks ominous so we will have to see how things play out going forward.  Gold sold off and then came all the way back.  Perhaps that will be bullish going forward.  Just a waiting game on the May ABX call trade at this point.  We'll keep an eye on the foreign markets tonight and go from there.

We finished off the highs of the day but the Dow still managed a gain of 23 points on light volume.  The advance/declines were 2 to 1 positive.  The GDP number was lower than expected but the stock indices shrugged it off.  The trend is now up.  The summation index is moving higher.  Declines can now be purchased, in my opinion.  End of the month on Monday.  GE was up 1/8 on light volume.  Getting to short term overbought here.  Perhaps GE will take a rest now ahead of next Fridays employment report.  The overall market could follow this pattern as well.  Gold was up $4 on the futures as the US dollar sold off on the weak GDP report.  The XAU gained 2 1/4.  ABX up 3/4, GG rose 3/8 and NEM gained 1/8.  Volume was light with the exception of NEM.  The earnings for NEM were in line with expectations and the stock finished well off of the highs.  My May ABX calls are mostly still in the red.  I might be able to cut the loss a bit if the earnings surprise to the upside next week.  At any rate it looks like a loser overall.  Mentally I'm feeling OK.  The stock indexes are getting short term overbought here, so a pause would not be unexpected.  The key to next week will be Fridays employment numbers but if we are in rally mode they will be interpreted as positive regardless.  We'll see.  Gold had a pretty good week for a change and we will have to see if there is any follow through next week.  The ABX earnings on Wednesday will tell a lot about whether the May call trade has a chance.  At this point it's in the cut the loss mode.  Not much else from here on a Friday afternoon.  I'll check the charts over the weekend and go from there.

Three days in a row to the upside as the Dow gained 114 points on what passes for average volume these days.  The advance/declines were 2 to 1 positive.  Summation index continues to the upside, so higher stock prices can be expected in the future barring some unforeseen event.  The stock indices are in rally mode.  Calls are the way to go here.  We've got the 1st quarter GDP tomorrow but whatever the number is, it looks like we will simply continue to the upside.  GE was up about an 1/8 on light volume.  Things are looking constructive there as well but there is no hurry to put on a trade.  Gold had a good day as the futures rose $18 with the US dollar a bit weaker.  The gold shares did not follow as the XAU fell 2/3.  ABX was flat, GG lost 2 1/3, while NEM was up 1/4.  Volume was extremely heavy in GG as the earnings disappointed and the stock got crushed.  NEM announces its earnings report before the open tomorrow.  My ABX May calls are still losers with the exception of the lower strike price purchase.  I'll wait for the earnings next week and go from there.  The volume on the May ABX calls was really big today.  We'll see how that plays out going forward.  Mentally I'm feeling OK.  The stock indexes are in rally mode and we will see if we can take out the March highs.  I believe that we will but time will tell.  Tomorrows GDP report should be a mover for the US dollar and hence gold as well.  We're still oversold on the gold shares and still in the extreme buy zone on the Gold/XAU ratio.  Hasn't meant any price upside though in the past few weeks.  My feeling is that it won't stay that way forever.

A rally from the open today as the Dow gained 89 points on average volume.  The advance/declines were 3 to 1 positive.  The earnings from Apple were the catalyst for todays market action.  The Fed announcement was a dud.  Nothing new stated there.  The summation index should now be moving back to the upside which means that this rally could have legs.  The next important piece of news will be the 1st quarter GDP report out on Friday.  GE was off a touch after being much higher early.  Not exactly sure what that means going forward.  No trades in the near term there for me but I am still perhaps interested in the July calls.  Gold had a volatile session as it sold off hard on the Fed announcement but came all the way back to finish virtually unchanged.  The US dollar was slightly lower.  The XAU gained 3 1/8 as the gold shares outperformed the precious metal for a change.  ABX up 1/3, GG rose 5/8 and NEM led the way higher by 1 1/8.  Volume picked up here.  The majority of my May ABX calls are showing a loss, with a slight gain for the lower strike price purchase.  We'll get GG earnings tonight followed by NEM tomorrow morning.  If they are halfway decent perhaps ABX will rise in sympathy.  The ABX earnings are due next week.  Not sure that will help this trade but I will probably hang on until then.  Mentally I'm feeling tired, did not sleep enough.  The Fed has come and gone and the market is now in rally mode.  The small stocks had a gap to the upside this morning and that is very bullish.  Calls are in order for the stock indices.  Gold made a good comeback today but it still seems like it is just dead money there.  We will need to see some type of upside follow through there for my gold share calls to have a chance.  And by that, I mean a chance to cut the loss.  We'll see how the overseas markets fare tonight and go from there.

A mixed market today as the Dow was higher but the NASDAQ lower.  The Dow gained 74 points on light volume.  The advance/declines were 2 to 1 positive.  Waiting on the Fed here in my opinion.  We will wait for that announcement tomorrow and see how the markets reacts.  The summation index continues lower.  GE was up 1/2 today on OK volume.  If GE is a precursor for the overall market, then a rally is imminent.  That is yet to be seen though.  Gold was back up $10 on the futures as the US dollar was weaker.  The XAU was flat.  ABX and NEM were down a touch, while GG gained 3/8.  Volume was light.  GG earnings out tomorrow after the close.  My order for the May ABX calls at a lower strike price was filled today and they are slightly in the black.  The original ABX May call trade remains mired in the red.  Tomorrows Fed announcement should produce some movement in the gold shares one way or the other.  Very oversold both short and medium term for the gold shares but we have yet to see any type of rally.  Mentally I'm a bit tired, did not sleep enough.  All eyes and ears on the Fed tomorrow and if GE along with the transportation index are leaders as they often are, then I'm looking for some type of stock index rally.  But anything can and will happen.  It could also just be a non-event but I doubt it.  Of course I'll be keeping an eye on what gold does.  Earnings this week for GG and NEM.  That will also produce some movement in ABX.  We'll see what happens tomorrow.  

A negative start to the week as the Dow fell 102 points on light volume.  The advance/declines were over 2 to 1 negative.  The stock indexes started the day with a huge decline at the open and never really recovered.  The summation index continues lower.  I'm not sure what is going on here but the weak volume isn't a positive.  Perhaps we are simply marking time until the Fed announcement.  Getting short term oversold on the daily charts but we aren't there yet.  GE had a gap to the downside and finished off 1/3 on light volume.  No trades in mind here but I am starting to consider going out to the July calls.  There is no hurry though.  Gold fell $10 on the futures but came back a bit in the aftermarket.  The US dollar was higher today.  The XAU fell 3 points but was lower early.  ABX off 5/8, GG fell 1 1/3 and NEM dropped a buck.  Volume was heavy here.  My ABX May calls are still very much in the red and this trade is looking like a big loser.  That said, todays action seems like a washout to the downside.  The daily candlestick chart for ABX appears to have formed a hammer or star today.  I'm leaving in an overnight order for some more ABX calls at a lower strike price.  This isn't something that I would normally do but unless the stock indices and gold simply collapse here, it looks like a bottom for the gold shares.  The Gold/XAU ratio is the highest that I've seen it in years.  We'll see.  Mentally I'm feeling a bit tired, did not sleep well.  We're still in a sideways consolidation on the daily charts for the S&P 500.  Plenty of economic data this week so perhaps we will break out one way or the other.  I've been a believer in the gold shares here and so far that is not working out.  If we don't see some upside this week I'll probably just have to take my losses and move on.  Waiting on the Wednesday Fed announcement.  

We came well off the highs of the day but the Dow managed to close with a gain of 65 points on average volume.  The advance/declines were 2 to 1 positive.  The overall stock indices were weaker than the Dow.  Basically sideways for a couple of weeks now after the recent decline.  I still think we could go either way here.  The GE earnings came out and the market liked what it saw.  The stock gained 1/4 on good volume but also came off of its highs.  It really wasn't the type of gain that I was looking for though.  I don't have any trades in mind here at the moment.  Gold was up a buck or so on the futures despite a weaker US dollar.  The XAU fell 1 1/2.  ABX off 2/3, GG was flat and NEM dropped 1/2.  Volume was light except for ABX which was average.  My ABX calls are now deeply in the red.  We have also now broken down through the recent congestion zone with todays negative action.  It appears that my idea for the gold shares here is wrong.  There are still 4 weeks to go in these options but we would have to turn around a lot in a hurry.  I'm still holding them until we see what happens next week.  Mentally I'm feeling OK, slept good enough.  Plenty of economic data out next week so we will have to see how the market reacts to it.  The stock index technicals are still mid-range on the daily charts.  Right now it looks like gold is simply dead money.  The US dollar fell today and gold didn't even move.  The Gold/XAU ratio is deeply in the buy zone again and nothing is happening.  There seems to be absolutely no interest in owning the gold shares.  I built a position in the ABX May calls and it's looking more and more like a loser.  I'll check the charts again over the weekend and get ready for Monday morning.  We could be in a holding pattern until the Fed announcement on Wednesday.  For now it's Friday afternoon and time for a break.

A mostly down session today as the Dow fell 68 points on average volume. The advance/declines were negative. The summation index continues lower. The stock index technicals remain mid-range. We still could go either way here. If we do start to fall and get a positive divergence on the McClellan oscillator, that would be a decent buy signal in my opinion. Or the market could simply continue higher from here. I think that for now it's still a toss up. GE was flat on the day and the volume was pretty good. The earnings out tomorrow will probably set the trend for the stock indexes for the day. The technicals here are neither overbought or oversold. Any position in GE held now has a lot of risk. Gold was up a couple bucks on the futures and the US dollar bounced around but finished the day basically unchanged. The XAU was up early but closed the day with a 1/4 point loss. ABX off 1/8, GG was up 1/2 and NEM off a touch. Volume for the gold shares was nothing special. My ABX May calls continue in the red as the time decay occurs. I'm going to at least hold on here until at least next week. Oversold both short and medium term for the gold shares but they haven't rallied. The market will do what it wants. Mentally I'm feeling tired, did not sleep enough. Expiration Friday tomorrow. We'll get through that and wait for next week when we get the Fed, 1st quarter GDP and some gold share earnings. Patience is required sometimes.

Back to the downside as the Dow fell 82 points on light volume. The advance/declines were 2 to 1 negative. The McClellan oscillator is trying to get through the zero line but has failed once again. This will keep the summation index continuing lower for now. The stock index technicals are mid-range, which means we could go either way here. Worries about Spain today but any excuse will do. The volume has been pretty anemic lately and we would need some volume to push prices higher. The overall market was better than the Dow and that is usually a positive going forward. GE lost 1/4 on light volume. Just waiting on the earnings report due Friday. Gold fell $11 on the futures and the US dollar really didn't move much today. The XAU dropped a point. ABX off 1/4, GG fell 7/8 and NEM lost 3/8. Volume light here as well. I left in an open order for some ABX May calls and it was filled this morning. The position has now been completed on the buy side. It is already under water but I plan on holding it for a couple of weeks unless we have some type of market breakdown. We'll see what happens. No interest in gold at the moment. Mentally I'm feeling a bit tired, did not sleep enough. 2 days left in the April option cycle. The gold share call position has been established. We'll see what tomorrow brings.

A huge day to the upside as the Dow climbed 194 points on light volume. The advance/declines were 3 to 1 positive. Some good earnings reports but nothing really out of the ordinary. Coming off of the recent short term oversold condition. The question now is the recent decline done? I certainly don't have the answer but it could be. It is expiration week and the positive bias seems to be in effect. Today was also the last day to contribute to retirement plans due to the income tax deadline. We'll have to see if there is any upside follow through tomorrow. GE rose 3/8 on light volume. Earnings out on Friday. No trades there for now but the calls are looking good after todays action. Tomorrow is another day. Gold was pretty much flat on the day after selling off early. The US dollar was flat. The XAU rose 1 3/4. ABX up 1/2, GG gained 1/3 and NEM 1/8 higher. I tried to complete yesterdays ABX trade but the order was not filled. I'm leaving it in overnight. I'm still thinking that the calls are the way to go here and going out to May is the strategy. We'll see what happens. Mentally I'm feeling OK. The S&P 500 is trying to hang on at its 50 day moving average line on the daily charts. How that is resolved will probably let us know the near term market direction. The summation index is still heading lower but another day like today will reverse that. Hasn't happened yet. When gold sold off early today, the gold shares didn't follow. That could indicate positive action coming up for the gold stocks. Or not. I'm still a believer in getting long the gold shares here but I've been wrong before. Quite often this year with the gold shares as well. We'll see if the foreign markets follow us higher tonight.

A mixed day in the markets as the Dow gained 71 points on light volume. The advance/declines were positive. The overall market was much weaker than the Dow and that usually isn't bullish going forward. The technicals are still more oversold than overbought. Summation index heading lower. It's option expiration week. GE was flat on the day and the volume was very light. Could be in a holding pattern until the earnings report on Friday. That's a guess. No trades here for me at the moment. Gold fell $10 on the futures with the US dollar lower as well. Not exactly sure what that means. The XAU dropped 2 1/3. ABX off 3/4, GG fell about 1/4 and NEM down by 1/2. I tried to add to my ABX May call trade but my order was only partially filled. The ABX calls are in the red but I still think this trade is the way to go. I'm not sure if I'll try and complete the rest of todays partial fill tomorrow. We'll see. Mentally I'm feeling OK. I get the feeling the stock indexes could go either way here. I think that I would still wait for a positive divergence on the McClellan oscillator before trying the OEX calls. However there are only 4 days left for the April option cycle. The Gold/XAU ratio is at the point where the risk/reward for trying the gold share calls clearly favors an attempt. That's one of the reasons I'm giving them a shot. Plenty of time for the trade to work is another advantage in trying them here and now. We'll see what happens.

Back to the downside today as the Dow closed the week with a loss of 137 points on light volume. The advance/declines were 3 to 1 negative. We got an oversold bounce and it now looks like we'll head back to test the recent lows early next week. We are still more to the oversold side on the daily stock index charts. The summation index continues lower. I'd like to think that I have an idea of which way we are going but I don't. I will probably look for a positive divergence on the McClellan oscillator next week and perhaps trade that. However it will be option expiration week. That usually brings with it an upward bias but with the recent volatility, anything goes. GE was off 3/8 on light volume. Earnings out in a week and I'm most likely not going to trade this issue in the near term. I was fortunate to get out of the GE trade that I did this week without a loss. The weekly technicals have rolled over to the downside here. Gold fell $20 on the futures today as the US dollar had a good day to end the week. The XAU fell 2 3/4. ABX off 5/8, GG dropped 1/3 and NEM lost 7/8. Volume was light. I bought some ABX May calls this morning. I'm a believer in this trade. The gold shares are oversold both short and medium term. Going out to May gives this trade plenty of time to work. I might even add to the position next week. Todays gain in the US dollar could be a problem for golds bullish case and it will have to be kept an eye on. As usual my idea here could be completely wrong as well. Mentally I'm feeling OK, slept better for a change. Volatility has returned to the stock market for whatever reasons. There may be something going on here that we will only find out about later. Trading could be even trickier than usual. I'm trying the gold share calls again and that hasn't really worked well for me so far this year. I'll go over the charts again this weekend and take it from there. It's Friday afternoon and time for a break.

A huge day for the stock market as the Dow gained 181 points on light volume. The advance/declines were about 5 to 1 positive. The sellers have disappeared for now. This bounce seems like it is the beginning of a move to new highs with todays action. Time will tell. No reason that I can see for such a huge move except for moving off of an extreme oversold short term condition. We'll see how we end the week tomorrow. GE was up almost 1/3 on light volume. I dumped the GE calls that I bought earlier this week for a slight 10% gain. The volume on the bounce here has been very light. This trade might be worth holding on to but I'm gone. The entry was early and this wasn't the most well planned idea. Gold gained $20 on the futures as the US dollar fell today. The XAU soared 6 points. ABX up 1 1/8, GG added 1 1/3 and NEM higher by 1 1/2. My order for the ABX May calls wasn't filled. I'm leaving it in overnight. This is a trade that I would really like to be in and I hope that I'm not too late. Gold is moving higher for no apparent reason and now the gold shares have taken notice. Mentally I'm feeling tired, did not sleep enough. The stock market has bounced pretty strong here. I did not expect it. The volume has been light though. My mind was taken up with the GE trade and I should have been paying attention to the gold shares. I was but it's better for me to do one trade at a time. There's still time for the gold share trade in my opinion but I should already be there. The small profit in GE is better than a small loss. However you don't trade options for small gains. I'll keep moving on to the next trade. 6 days to go in the April option cycle. We'll see what tomorrow brings.

We got a bounce today but finished off the highs as the Dow gained 89 points on light volume. The advance/declines were about 4 to 1 positive. I'm not convinced that this is anything but a bounce due to the light volume. But I could be wrong. We're still oversold in the short term for the stock indexes. The McClellan oscillator is bouncing as well. Tomorrow could tell a lot, one way or another. We haven't been as oversold on the stock indices since November. However if this is going to be a multi-week affair to the downside, the oversold condition will persist. It's really anybodies guess. GE was up 1/4 on light volume. The April calls I bought yesterday are slightly in the red. They were back at break even early in the session. This is a trade that I do not want to hold into the earnings report next week. I'll have to see how we open tomorrow and go from there. Gold was flat on the day and the US dollar was off a bit. The XAU fell 2 3/4. ABX off 3/8, GG down 7/8 and NEM lost a buck. Volume was light. My open order for the ABX May calls wasn't filled and I have left it in place. No interest in the gold shares today. I'm still probably going to try this trade if we see some weakness tomorrow. Mentally I'm feeling OK. Inflation data on tap for the next couple of days. I'm going to have to do something with the GE trade by the end of this week or I'll be holding it longer than I want. Hopefully if it moves into a profit tomorrow, I'll dump it. I'll be keeping an eye on gold overnight and be ready for the gold share calls tomorrow on any weakness.

The market got clobbered today as the Dow fell 213 points on good volume. The advance/declines were 6 to 1 negative. Oversold and staying there. That hasn't happened for a while and it certainly isn't bullish. The McClellan oscillator is now even more oversold than yesterday and a bounce is imminent. But it is probably going to be nothing more than that. Something has changed here and I don't know what. We've broken the 50 day moving average on the S&P 500 daily charts and that is another negative. Earnings are starting to come out and perhaps the market knows they won't measure up. GE fell about 1/2 on good volume. I bought some April GE calls this morning and they are firmly in the red. This is a trade that probably isn't going to work. I don't think that I'll be waiting for the earnings report next Friday. If we bounce I will probably simply take the loss. I do not want to be wrapped up in this trade for long. Gold had a good day on the flight to safety. The precious metal gained another $15 on the futures. The US dollar didn't do much today. The XAU was higher by 1 1/8. ABX up 1/2, GG rose 3/8 and NEM led the way with a gain of a buck. Volume was good as money moved into the gold shares. The gold shares should be the next trade. Going out to May is the idea here. I'm leaving in an open order for some May ABX calls. The Fed is out with some words tomorrow and perhaps that will lower the price of the gold shares. That's a guess as usual. Mentally I'm feeling tired, did not sleep enough again. The stock indexes are practically in free fall. I'm not sure what is going on. Taking on the GE trade today was a mistake. I'll need to exit with any rebound there. I'm going to try the gold share calls again. It hasn't worked lately. We'll probably see some weakness in the foreign markets but I expect some type of rebound at some point tomorrow in the US. That's a guess as usual. It is probably a time to be careful as volatility has returned.