Tuesday, January 29, 2008
We tacked on another 96 points today on the Dow. Volume was good and the advance/declines were 2 to 1 positive. Waiting on the Fed tomorrow. A rate cut is expected, it's just a matter of how much. Should provide some fireworks one way or the other. I'm waiting to get long something if there is a pull back. May not get one. Gold lost a couple bucks and the XAU was down a point. ABX and NEM were both down on lighter then lately volume. HL didn't do much on light volume. I'm staying on the sidelines there. Still looking at INTC if we get some weakness. GE didn't do much today either. It seems as though some issues are in a waiting game for the Fed tomorrow. GDP report also early in the morning. Mentally I'm a bit tired, did not sleep well. I'm going to be patient here hopefully. I don't have any great signals at the moment. I am going to try and not force the issue. Sometimes that's not the easiest thing to do. I'm pretty sure the decline has ended at this point but I could be wrong. I would like to see a test of the lows, ideally. But again, that may not happen and I'll have to go from there. The summation index is pointing to higher prices and I don't really want to fight that. So we'll see what happens tomorrow and go from there. We are right at the short term down trend line for the OEX and have broken that line to the upside in the Dow. Perhaps that is a clue.