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Tuesday, April 24, 2012

A mixed market today as the Dow was higher but the NASDAQ lower.  The Dow gained 74 points on light volume.  The advance/declines were 2 to 1 positive.  Waiting on the Fed here in my opinion.  We will wait for that announcement tomorrow and see how the markets reacts.  The summation index continues lower.  GE was up 1/2 today on OK volume.  If GE is a precursor for the overall market, then a rally is imminent.  That is yet to be seen though.  Gold was back up $10 on the futures as the US dollar was weaker.  The XAU was flat.  ABX and NEM were down a touch, while GG gained 3/8.  Volume was light.  GG earnings out tomorrow after the close.  My order for the May ABX calls at a lower strike price was filled today and they are slightly in the black.  The original ABX May call trade remains mired in the red.  Tomorrows Fed announcement should produce some movement in the gold shares one way or the other.  Very oversold both short and medium term for the gold shares but we have yet to see any type of rally.  Mentally I'm a bit tired, did not sleep enough.  All eyes and ears on the Fed tomorrow and if GE along with the transportation index are leaders as they often are, then I'm looking for some type of stock index rally.  But anything can and will happen.  It could also just be a non-event but I doubt it.  Of course I'll be keeping an eye on what gold does.  Earnings this week for GG and NEM.  That will also produce some movement in ABX.  We'll see what happens tomorrow.  

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