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Tuesday, January 11, 2011

It was a positive day on Wall street as the Dow gained 34 points on average volume. Advance/declines were positive. We opened higher, eventually came back to unchanged and then rose back up again in the last 2 hours. All signs continue to point higher. We have worked off the short term overbought condition. GE rose 12 cents and it doesn't look like I'll get a chance for the January calls there again. Gold was up 10 bucks on the day and the XAU rose 3 7/8. ABX and GG gained about 7/8, while NEM was up 1/2. Volume was light. Is the decline now over for the gold shares? I don't think so but that's a guess. We are moving up from oversold on a technical basis. But the volume isn't anything to speak of yet. The dollar dropped a touch today. I may start to take a look at the February gold share calls. Mentally I'm feeling tired. Not sleeping enough and my usual schedule has been throw out of whack with a number of meetings that I must attend. I do not see any trades this week but I'll be keeping an eye on things.

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