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Thursday, May 19, 2011

We continued higher today as the Dow gained 45 points on light volume. Advance/declines were positive. It seems like we are drifting here, as the volume is very light and there seems to be no conviction. Option expiration tomorrow. GE was up 20 cents on light volume. We are back to the 50 day moving average there. Gold lost $3 and the XAU was flat. ABX, GG and NEM had fractional moves one way or the other again. Volume light here as well. The dollar was off 1/3 but it didn't help gold or the gold shares. I still have an open order in for the June GG calls. Trying to move off of an oversold condition for the gold shares. We'll see. Mentally I'm feeling OK. Not much else to say here. We'll get through Friday and look forward to the weekend.

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