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Thursday, January 06, 2011

A day of waiting as the Dow lost 25 points on good volume. Advance/declines were negative. All eyes will be on tomorrows employment report and the markets reaction to it. The trend is still up. Whenever we have tried to sell off in recent weeks, the stock indices just keep coming back. You cannot fight that, even though we have been very overbought for quite some time. We'll see what happens tomorrow. GE lost 8 cents on lighter volume. I'll still try the calls again there if I get a chance. Gold lost a couple bucks and the XAU continued lower, losing 4 7/8. ABX fell 2/3, while GG and NEM both dropped over a buck. Volume was good here again and the trend has changed from up to down. The dollar was stronger again today, so gold is not the place to be at the moment. I don't have any ideas for trading the gold shares except perhaps try the puts on a snap back rally. The technicals have broken down for the gold shares. Mentally I'm a bit tired, didn't sleep enough. The markets continue to grind higher even with todays slight loss. Unless there is some big surprise with tomorrows numbers, I expect that trend to continue. We'll see.

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