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Thursday, January 29, 2009

Back to the downside today as the Dow lost 226 points on average volume. Advance/declines were 5 to 1 negative. So we negated yesterdays positive action. The GDP report is tomorrow and I think it won't be good. How the market reacts will be the key. Perhaps we are simply in a range bound market. End of the month tomorrow as well. Gold was up over $15 and the XAU gained 5 points. ABX up over 2, GG up 1 1/2 and NEM had a gain as well. Volume was good and extremely heavy in NEM. The dollar was higher as well today and there seems to be a disconnect lately between the gold and the dollar. Gold seems to be a safe haven play as of late. I'm getting to the point that any weakness in gold should be bought but we are extended here. I'm still leaning towards the gold share calls though. I just need the guts to buy them. Mentally I'm doing OK. Trying to remain patient. Still a lot of time in the February cycle. Timing is everything sometimes. Trying to remain positive towards the trading here. Still need to focus more. Besides the gold shares I don't have any solid trading ideas going forward. I do see money continue to flow into gold so the odds favor that at the moment. I'm doing the best I can but for now that doesn't seem to be cutting it.

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