Monday, March 31, 2008
March is going out like a lamb as the Dow gained 46 points today. Things are still settling out but the volume looks light and the advance/declines are positive. We were up 100 at one point today. It could be a waiting game until the employment report on Friday but we'll see. If we were negative today I could have made a case for getting long. But for now it's the sidelines with regards to the OEX. Gold lost $15 today and it looks like it followed oil lower. The XAU dropped 3 1/2 but was lower almost twice as much earlier. ABX, GG and NEM were all off over a buck. The volume was nothing special. Still getting a buy signal here for the gold shares. I'm going to be patient though. The dollar didn't do much and gold still went down. Could be end of the month gyration. GE was up 1/3 on average volume. Still no trades there as yet. Mentally I'm feeling OK, overslept today for a change. We are still in a sideways channel here for the OEX. The summation index is pointing higher but we haven't seen any rally yet. For now patience is the key. If there is a good signal I'll act on it but until then it's a waiting game. You still have to pay attention every day. The focus and discipline required doesn't change. It's the Super Bowl each business day from 6:30 to 1:00 PST. That's just something you have to accept and be ready to deal with. That's why the game is so tough and not easily figured out by most. Myself included.