something this morning just didn't feel right for me to pull the trigger on the trades I mentioned....my gut is telling me I could be premature in my thesis. Although NEM is down right now the gold index is up solidly and because I'm using NEM as a proxy for the index it would have been luck to have made money on NEM puts and so I'm not regreting anything.
I think my underlying hesistation is due to the fact that although the market is quite overbought it has broken out and the 950 level is line in the sand that could usher in a wave of bear capitulation if breached. Banks are weak today and have been lagging the market as of late.....a warning sign no doubt but the market action is resistant thus far and in the face of fresh rally highs....it's better to err on the side of caution if you want to fade it when something doesn't feel right.
Mabey things will change later on in the day....
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