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Monday, October 01, 2012

A mixed market today despite the 78 point rise in the Dow.  The NASDAQ showed a slight loss.  The advance/declines were positive.  Volume was light.  We should be seeing a rise here in my opinion, ahead of the employment report on Friday.  But the action lately has been sloppy.  The summation index continues heading lower.  I'm sticking with a bullish stance unless we break the uptrend line in the S&P 500 at 1420.  GE was up 1/8 on average volume.  As long as GE continues higher it should bode well for the stock indices.  Gold was up almost $10 on the futures today as the US dollar was lower.  The XAU rose 1 1/8.  ABX and GG showed slight gains, while NEM had a fractional loss.  Volume was light.  I'm still considering the October gold share calls but have not put in another order just yet.  I may go out to November here.  Mentally I'm feeling OK.  It's never a good sign when the Dow is the strongest index and the over the counter market lags.  That's what we got today.  It's a short term negative in my opinion.  The technicals here are getting mixed, which makes for a tough directional call.  But like I said before as long as 1420 holds on the S$P 500, I'll still look for higher prices.  It's still a presidential re-election rally for now.  Gold is still above the uptrend line from mid-August.  The short term technicals for gold remain overbought.  We'll check the overseas markets overnight and go from there.

1 comment:

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