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Friday, April 09, 2010

3 points shy of Dow 11000 as we gained 70 points today. Should pass that milestone on Monday. Volume was average and the advance/declines were 2 to 1 positive. Expiration is a week away and that should continue with its usual positive bias. Higher we go and there seems to be no end in sight. But there will be. When that occurs is anybodies guess. Summation index still moving sideways. When that starts to drop, we'll have our sell signal. Gold tacked on another $10 and the XAU was up a point. ABX and NEM had fractional gains, while GG was flat. Volume was average. I'm looking at the ABX May calls on any weakness. The dollar was weaker today and it looks like it is about to break a multi-week uptrend line. That should support the price of gold. We are getting overbought on the gold shares here but we know that it can last for a while. We'll see. Mentally I'm feeling better, slept well. The weekend is upon us. I'll be checking the charts as usual. I think gold is the place to be and will try to enter into a position next week. I am late but there still could be plenty of room to the upside, provided we get a pullback. That's my guess at this point. Friday afternoon and time for a break.

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