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Friday, November 26, 2010

The Dow lost 95 points today in a holiday shortened session. Advance/declines were 2 to 1 negative and the volume was extremely light. We are going back and forth here with a resolution coming. If the S&P 500 drops below 1180 and stays there, then we will be in for more downside. If not, then I think we go back up to the recent highs. The summation index is still pointing down. The technicals are oversold at the moment. A case could be made for either side. The dollar is on the rise as Korean tensions escalate and Euro worries persist. Interesting enough, gold fell $12 today. Probably in reaction to the US dollars good day. The XAU dropped 3 3/4. ABX off 1/2, GG down a buck and NEM fell 1 3/8. Volume was very light. GE fell 12 cents and the January options that I hold are solidly in the red. If we break down further here, this trade will be over. Mentally I'm doing fine. I'll have to check the charts in the next couple of days and decide if there is a viable OEX trade here or not. The market usually rallies during Thanksgiving but that wasn't the case as the week ended. So we'll see. Interesting times.

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