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Friday, November 20, 2009

We closed the week with a loss of 14 points in the Dow. Volume was light and the advance/declines were negative. Pretty quiet despite the expiration. Short week coming up and I don't expect a lot of movement. My guess is that the upcoming week will have a positive bias. Summation index heading lower in a sideways band. No OEX trades in the near future. Gold was up $5 and higher in the aftermarket. The XAU fell 1 1/2. ABX, GG and NEM all had fractional losses on light volume. The dollar was higher. The gold shares and gold itself are overbought. I'll be looking for a pullback to get long. Perhaps the January calls. But nothing anytime in the next week. Mentally I'm feeling a bit tired. It's a time to be patient in my opinion. Just let Thanksgiving week pass and go from there. I could be wrong but that will be the game plan. It's the weekend and time for a break.

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