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Thursday, December 06, 2012

Drifting higher before the employment report as the Dow gained 39 points on light volume.  The advance/declines were slightly positive.  We closed almost at the high for the day and that is sometimes bullish going forward.  The summation index continues higher as well.  We'll see what happens tomorrow but the market has the feel of wanting to move higher.  GE was up 1/8 on lighter volume.  Still below the 50 day moving average here but the chart is looking constructive right now.  Of course that could all change tomorrow.  Gold was up around $8 on the futures despite a good gain in the US dollar.  This relationship hasn't been correlating as usual lately.  The XAU was up 1/4.  ABX, GG and NEM were little changed either way on light volume.  We'll see if we get some kind of move in gold tomorrow off of the employment report.  But like I have mentioned earlier, gold at the moment could just be dead money.  Mentally I'm feeling OK.  We'll see what the reaction is to the employment numbers and go from there.  Still overbought short term on the stock indexes but that condition could last for a while if we are in rally mode.  Tomorrow will go a long way in determining that.  My January ABX calls are way in the red and a decision on dumping them could come tomorrow.  Looks like just another loser at this point.  On to tomorrow. 

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