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Tuesday, March 31, 2009

We ended the month and the quarter on a positive note as the Dow gained 87 points on average volume. Advance/declines were 3 to 1 positive. We were up 200 points during the day but sold off late. Still it's not a time to be negative on the market just yet. Waiting for the employment report on Friday. No OEX trades for now. Gold gained back what it lost yesterday and sold off a touch in the aftermarket. The XAU gained 1/2. ABX was flat while GG and NEM each lost 1/2. Volume was light again. Not a lot of interest in the gold shares here lately as we move sideways. I'm still interested but we'll see. I might have to get some calls before the employment report as planned. The daily charts are still overbought though. We'll have to see how tomorrow shakes out. Mentally I'm feeling OK. Sometimes waiting for the next trade is the hardest thing to do. You get anxious because you know there is money to be made but you have to wait for the odds to get in your favor. I do not have a clear signal for the OEX or the gold shares at the moment. I'm leaning towards the GG calls trade but it isn't set in stone. If GG shows some weakness before Friday then I might give it a shot. Patience is not to be underrated.

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