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Monday, May 21, 2007

The Dow lost 13 points today on heavy volume. Advance/declines were positive. The overall market was stronger than the Dow for a change. We were up most of the day but turned around in the last hour. We are short term overbought and did have quite a lot of volume without any overall movement by the close. Perhaps we are in for a drop but I've said that before. The declines have been very short lived. Gold was up a couple of bucks today and the XAU rose a point and a half. I think the gold stocks just moved up in sympathy with the overall market today. The dollar was a touch stronger today. There isn't a buy signal for the gold shares yet and it doesn't look like there will be anytime soon. We'll see. Volume was heavy in NEM and it was up at the close but nothing special. Mentally I'm doing fine, got plenty of sleep. I have no new ideas about what to trade here but I'm working on it. It's a light week for economic data. People will be leaving early Friday for Memorial day weekend. I will most likely remain on the sidelines. The charts showed nothing imminent over the weekend. See you tomorrow...

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