Pageviews past week

Tuesday, December 04, 2012

Another day of going nowhere as the Dow lost 14 points on light volume.  The advance/declines were slightly negative.  Not much else to say about today as we wait for the employment report on Friday.  It is curious that the US dollar has been heading lower here and we cannot get some type of stock market rally.  The summation index continues higher though.  GE was flat on the day and the volume was average.  No trades there for now.  Gold was lower again today despite the weaker US dollar.  This is not the usual relationship.  The precious metal futures were off $25.  The XAU however was actually up 1/8.  ABX and GG showed fractional gains, while NEM had a fractional loss.  Volume was average for the gold shares.  Perhaps we are at the beginning of the gold shares starting to outperform the metal itself.  But one day doesn't make a trend and it is probably just wishful thinking on my part.  I still own the January ABX calls at a loss.  Mentally I'm feeling OK.  Not exactly sure where the stock indices head from here but the technicals still remain overbought short term.  We are probably being held hostage by the waiting game for Friday.  We are also at the mercy of the headline risk out of Washington.  But that could move things either way.  So we stay tuned and keep a close watch on things.  Gold hasn't been acting well with the weaker US dollar and that is a problem going forward.  We will need to see gold hold the $1680 level or things will most likely head south rather quickly.  Hasn't happened yet.  We'll see what tomorrow brings.

No comments: