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Wednesday, April 24, 2013

The Dow lost ground in the final hour today and finished with a loss of 43 points on average volume.  The advance/declines were almost 2 to 1 positive.  The overall market was stronger than the Dow which is bullish going forward.  The summation index is now heading higher as well.  I am still considering purchasing some OEX puts.  Either tomorrow before the GDP report or sometime next week.  I could be wrong.  I'm expecting weaker than expected GDP numbers on Friday.  But who knows?  Maybe we'll rally on that.  Technically we'll be short term overbought soon if we keep moving higher.  GE had a nice move today, up almost 1/2 on good volume.  The 200 day moving average is holding for now.  Gold went back to the upside by $15 on the futures.  The US dollar was little changed on the day.  The XAU actually showed some signs of life by moving up 6 1/2.  ABX up 1 1/3, GG rose 1 2/3 and NEM climbed 1 7/8.  Volume remains strong here and still extremely heavy for ABX.  ABX reported better than anticipated earnings today and that was the excuse for the upside.  My October ABX calls have moved back to a profit.  Hopefully ABX is sold out here and the technicals say we're still oversold.  However rarely does gold crash as it did and then a new rally immediately emerge.  Mentally I'm feeling a bit tired, did not feel well last night.  The major indices gave up their gains at the end of the day but smaller stocks held up better.  That should be bullish going forward.  I'm still considering the price action to be of the topping variety.  Unless we break out to new highs on good volume, the OEX puts remain on my radar.  Gold itself has acted very well since the crash this past Monday.  Today even the gold shares found some life.  We'll see if this is the beginning of a trend or just another head fake for the gold shares.  They've been laggards for months.  We'll keep an eye on the action in the foreign exchanges and take it from there. 

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