Pageviews past week

Monday, February 27, 2012

Some volatility returned today but at the close the Dow only lost a bit more than a point on light volume. The advance/declines were even. Still overbought and nothing has changed for the indices. The trend remains up. Some economic data out this week but no big numbers. But as usual anything can happen. Europe seems to be on the back burner for now. GE was off 1/8 on light volume. The technicals here look to be rolling over and that could present a problem for the overall market if GE is once again leading the market. However we haven't broken the support for GE which lies at around the $18.50 area. Gold was practically flat on the day but dropped $7 in the aftermarket. The US dollar was up a bit today. The XAU fell 1 3/4. ABX down 1/3, GG off 1/4 and NEM dropped a buck. Volume was light. My ABX calls are now in the red. This trade is more and more looking like a loser. I'll need to see a turnaround in ABX shortly or I'll just have to exit. The only positive is that the Gold/XAU ratio is almost at the buy point again. Mentally I'm feeling OK, could have slept better. End of the month coming up so we'll see what that brings for the stock indexes. I'm not exactly sure where we're headed here but it feels like lower could be the near term direction. Gold isn't acting well to start the week and that could doom my ABX calls. We'll see what tomorrow brings.

No comments: