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Monday, November 04, 2013

An upward drift set the tone for Monday as the Dow gained 23 points on light volume.  The advance/declines were 2 to 1 positive.  The small caps had better relative strength today and that is a plus.  The short term technicals had rolled over but they're now trying to turn back up.  Plenty of economic data to spark trading interest this week.  The trend for the stock indices remains up.  GE was off 1/8 and the volume was light.  Remaining overbought here and that can't last forever.  I'd still like to get some calls here if we ever get a pull back.. Gold didn't do much today as the futures rose a buck or so.  The US dollar was slightly lower on the session.  The XAU bounced back 2 1/3.  ABX rose 1/3, GG up 3/4 and NEM was higher by 1 1/3.  Volume was good for ABX and NEM.  GG had light volume.  The gold shares outperformed gold itself today and that is a positive going forward.  Mentally I'm feeling OK.  The rally in stocks continues and there is no overhead resistance.  Money needs a place to go and right now the stock market is where it's going.  There is no change in the easy money Fed policy for now.  You cannot fight the tape.  Momentum runs never end well but you certainly can't predict how far they will go.  Gold has had some brief rallies lately but the overall trend remains down to sideways.  We also just had the technical death cross on the weekly chart with the 50 and 200 day moving averages.  Perhaps I won't be trading gold for a while.  I sure have lost quite a lot of money this year getting long the gold shares.  It ruins your confidence and without some type of positive atmosphere the trading gets really tough.  And it is not at all easy in the first place.  We'll keep an eye on the overnight developments and go from there. 

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