Thursday, January 24, 2008
2 positive days in a row for the Dow as we ended up 108 points. Advance/declines were almost 2 to 1 positive and the volume was very heavy. A correction for yesterdays volume. It was the heaviest that I have ever seen. My original volume figures were wrong. That means we had a one day reversal to the upside on heavy volume yesterday. The trend is now up, not down. We may go down and test the low but my guess is that we will trend higher from here. The summation index should turn around to the upside here as well. That doesn't mean we can't go lower at some point later this year. I'm saying that for now, the lows should hold in the near future. I will look to get long if we get some weakness. Gold was up over $20 today. Well there was a buy signal as I have stated in the past few days. They don't always work but this one did. The XAU soared over 10 points today. ABX and NEM were both up good on heavy volume. ABX seems to be taking the lead here as its relative strength is better than NEM again. HL gained over 50 cents. Perhaps I will try a trade here but the ideal time has passed for now. GE was up a bit on good volume. It rose in the last half hour after being negative for a good part of the trading day. May try something here but I'm leaning against it at the moment. Mentally I'm a bit frustrated not being able to follow the markets as closely as I usually do. That doesn't mean I would have made a bunch of trades that were profitable this week or losers. It just means I wasn't at the table to even have a chance. I'll be back in a normal mode on Monday and go from there. It's all I can do. I can't let a seminar week affect more than it already has. On to Friday.