Thursday, December 20, 2007
Up, down, up again today as the Dow gained 38 points on light volume. Advance/declines were positive. We can't seem to gain any traction to the upside here as it has been a sideways to down affair for a while now. The market is oversold but it hasn't meant anything lately. Option expiration tomorrow. No Santa Claus rally yet. Summation index still to the downside. Gold lost a couple bucks and the XAU gained over a half. ABX and NEM were little changed on light volume. The dollar has firmed recently but looks overbought here. The gold shares are oversold also. No trades yet but the long side will be favored when the time comes. GE was up over 1/4 on light volume. Oversold here as well. It will take a miracle for this issue to get near a close of 37.50 tomorrow. I still think it's due for some type of upside here but it hasn't happened yet. Probably won't. The weekly MACD is as blown out to the downside that it could possibly get. I do need to bail out though. Mentally I'm feeling OK. Slept OK. Waiting for an end of the year rally that looks like it will never come. Next week is bound to be slow. And so it goes.