Thursday, April 03, 2008
Kind of a waiting game today as the Dow gained 20 points. Volume slowed from yesterday and the advance/declines were positive. We're moving towards short term overbought. Waiting for the employment report basically. Don't know how that will shake out but I can't expect it shows a lot of employment gains. We'll see. Gold was up $9 and the XAU added a buck. ABX and GG both lost a bit of ground while NEM was unchanged. Volume was lighter. The dollar didn't do much, waiting for tomorrow. The gold shares are oversold but we have just about worked off the buy signal. I wouldn't be surprised on way or the other with tomorrows action but I remain on the sidelines there. GE lost 1/4 on light volume. This issue seems to be in a solid up trend at the moment. The declines are small on light volume and then we pick up on the upside. But we all know that could change. However the trend there is up and we'll see if the overall market can follow. Mentally I'm a bit tired as I did not sleep well and am not feeling 100% today. Trading takes a lot of stamina and energy when your money is on the line. You have to be up for it. There is no getting around that. Mentally and physically you have to give it everything you can. There is no halfway in this game. If you're not up for the challenge, wait until you are.