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Tuesday, February 03, 2009

Moving higher today as the Dow gained 141 points on average volume. Advance/declines were positive. The Dow rallied in the face of bad news and that's a positive. But it's hard to believe any of the moves lately. The recent lows at 8000 have held though for now. I still need to see what happens on Friday with the employment report. Not overbought or oversold now. I'm on the sidelines for the OEX. Gold lost $14 on the futures today. The XAU was flat as well as ABX, GG and NEM. Volume was light. The dollar was lower again today and gold did not rally. So there are some crosscurrents going on with that relationship. I still have an open order for some GG calls but I will have to rethink it before Friday. I still like the idea but the gold market isn't reacting well to what would normally be positive news. Mentally I'm doing OK, could have slept a bit more. I also need to get a new computer which is affecting my focus on the markets but I can't use that as an excuse really. So the game goes on.

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