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Monday, May 13, 2013

A mixed bag to start expiration week as the Dow fell 26 points on light volume.  The advance/declines were negative.  The NASDAQ had a slight gain while the S&P 500 was flat.  I'm still expecting some type of run up into Fridays option expiration as a positive bias usually exists.  Plenty of economic data out this week as excuses to go one way or the other.  No OEX trades in mind at the moment.  GE was flat on the day and the volume was light.  Still making a decision here at the 50 day moving average.  Gold fell a couple bucks on the futures and a little more in the aftermarket.  The US dollar was little changed on the session.  The XAU fell 2 3/4.  ABX, GG and NEM all feel at least 1/2 on lighter volume.  Gold has rolled over here and should head down to retest the crash low.  What happens there will be the medium term key on direction.  Mentally I'm feeling tired, did not sleep well.  We're still over bought on the stock indices.  It looks like the recent price action is a small consolidation before we move higher.  That's my guess for now.  Gold is heading lower near term.  We'll wait it out there for now.  Not much else to report on this slow news spring Monday.  We'll keep an eye on the overseas markets tonight and go from there.   

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