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Thursday, December 29, 2011

Back to the upside today as the Dow gained 135 points on holiday light volume. The advance/declines were almost 4 to 1 positive. We had the opposite of yesterdays action today. I don't think that it means much in the overall scheme of things. Just trying to muddle through this light volume week. I still think we will be going higher in the beginning of next year. GE gained 1/4 and we're still overbought here. Nothing much to do with the calls here but to wait for next year. Gold was the story of the day again as it fell almost $25 on the futures. Came back a bit in the aftermarket. The US dollar was a bit weaker today. However the XAU rose 3 points. ABX, GG and NEM were all higher by 7/8. Will the gold shares lead the precious metal higher? Don't know. There is a positive RSI divergence with ABX on the daily charts. The Gold/XAU ratio isn't near a buy signal here though. I would like to try the gold share calls and perhaps next week will present an opportunity. We'll see. Mentally I'm feeling tired, did not sleep enough. Just waiting for the week to end. Tomorrow should be a non event.

1 comment:

pretzels said...

love reading your stuff, you sound very worried about market down the road, so am i , but for now in bank stocks like jpm,gs,usb, also in twi, but how worried and how soon are you thanks