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Wednesday, November 13, 2013

Back to the upside today as the Dow gained 70 points on average volume.  The advance/declines were 2 to 1 positive.  I thought that we were going to roll over here but the S&P 500 has hit a new high.  The positive expiration bias appears to be in place.  The summation index hasn't turned around yet but that may happen tomorrow.  The Fed liquidity trumps all I suppose.  No upside resistance for the major stock indices and the overall market is stronger than the Dow.  Money is easy and needs a place to go.  Stocks are the choice until further notice.  GE up up a touch but the volume was lighter than yesterday.  Still overbought on the short term technicals here and have been for weeks.  Gold was off a couple of bucks on the futures and came back a bit in the aftermarket.  The US dollar was lower today.  The XAU gained 2/3.  ABX, GG and NEM all had small fractional gains and the volume was light.  Still no real interest in the gold shares.  The story for gold remains that there is no story.  Mentally I'm feeling OK.  How much higher can we go for the stock indexes?  I don't have any answers.  We should have seen some type of decent correction or sell off by now.  Hasn't happened.  The trend remains up and there is nothing in the way.  2 days to go in the November option cycle.  We'll see how high we get by the end of the week.  Some economic data to be released before the end of the week but it doesn't look market moving unless there is a big surprise.  Gold is a non event.  We'll keep an eye on the foreign markets and go from there.

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