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Tuesday, September 22, 2009

It was back to the upside as the Dow gained 51 points today. Advance/declines were over 2 to 1 positive on average volume. A waiting game on the Fed announcement tomorrow. I don't expect any surprises but you never know. Gold had a good day as the dollar lost ground. The precious metal gained $10, while the XAU rose almost 4 points. ABX, GG and NEM were all up around a buck on average volume. All were higher early and pulled back which was the exact opposite action of yesterday. I still like the gold shares but will let this week pass. That is the game plan for now. Mentally I'm feeling OK, slept well enough. Not much else to say here. We've had quite a run-up in the stock market and at this point it feels like it will never go down again. But we all know better than that. The summation index is about as high as it gets. It will not continue higher forever. We'll see about the Fed tomorrow.

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