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Monday, November 26, 2012

We are expecting some weakness near term and we got some today as the Dow fell 42 points on light volume.  The advance/declines were negative.  It was a mixed bag though because the NASDAQ actually closed higher on the day.  We were off over 100 points on the Dow during the session.  The summation index is now headed higher.  I still think we will get some more downside at some point this week.  After that, who knows?  Not a lot of data out this week but we will get the 1st revision to the 3rd quarter GDP report.  GE was flat on the day but the volume was pretty good.  We held the 200 day moving average here and that's a positive.  Gold didn't do much today and neither did the US dollar.  The precious metal futures lost a couple of bucks.  The XAU sold off early but only lost 1/3 on the day.  ABX, GG and NEM all lost around 1/3 on light volume.  The gold shares are following the overall market at the moment.  Mentally I'm feeling OK.  I'd expect the stock indices to take a rest this week but I could be wrong.  The rally last week was on light volume and that is not a positive going forward.  We do have the end of the month coming up on Friday.  Gold is probably due for some backing and filling as well.  I would like to see the gold shares take the lead here but it hasn't happened yet.  My January ABX calls are still in the red.  We'll keep an eye on the foreign markets overnight and take it from there.   

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