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Friday, January 27, 2012

The Dow was weaker for a second day in a row as we lost 74 points on light volume. The advance/declines were almost 2 to 1 positive as the overall market was stronger than the Dow. The GDP report was a bit weaker than expected. The stock indices, with the exception of the Dow, continued to grind higher this week. We are long overdue for a rest. The back and forth this week could be a sign that the rally is waning. Or not. There seems to be an awful lot of liquidity out there. I'm going to try and wait for some technical evidence of a pending decline. Otherwise the upward grind will continue. GE was flat on light volume. Nothing new to report here. Gold continued to climb, up $5 on the futures and another $5 in the aftermarket. The US dollar was weaker again today. The XAU rose 2 3/4. ABX and GG gained 2/3, while NEM was up a buck. Volume was lighter than the previous 2 days. I had another open order in for some February ABX calls but it wasn't filled and I canceled it. Any kind of pullback or weakness in the gold share calls can be bought in my opinion. I will try and do that next week if I get a chance. I noticed today the volume in the February 50 call strike price for ABX went through the roof. Perhaps that will be the proper choice here. We'll see. Mentally I'm still trying to forget the fact that I missed this explosive move in the gold share calls when I was right there trying to take advantage of it. Obviously improvement is needed. But like I said before, there still may be a chance to make some profit from it. I think the overall market is beginning to signal a change but I could be wrong there as well. It's been an interesting week but now it's time for a break. I'll be going over the charts this weekend and hopefully I'll come up with some type of solid game plan for next week.

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