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Monday, November 25, 2013

We're in holiday mode as the Dow rose 7 points on light volume.  The advance/declines were negative.  We were higher for much of the day but dropped off in the last hour.  Not much to report for the stock indices really.  The summation index is heading sideways again.  This week should be a light volume affair with little movement and an upside bias.  In theory at least.  GE was off 1/3 on average volume.  There is now a bearish candlestick pattern on the daily charts.  Perhaps there will be a chance to get the January calls.  Gold had an interesting session.  It was off $3 on the futures after being much lower.  It continued to rise in the aftermarket.  The US dollar was a bit higher but finished well off of session highs.  The XAU was off 1/4 but finished well off of its lows.  A reversal perhaps?  ABX was flat on the day, while GG and NEM had slight fractional losses.  Volume was better than average for the gold shares.  I'm looking at the January calls here again but still think December might be a better time to try a trade here.  Mentally I'm feeling OK.  I think the prudent trading strategy here will be to let this week pass and try to develop something for the weeks ahead.  We are still overbought on the stock indexes.  When that technical condition works itself off will be the time to try some calls again.  There's no rush.  Gold itself looks like it may be trying to put in a short term bottom here but that is a guess as usual.  I'd still wait until next week at least before doing something there.  We'll keep an eye on things overnight and watch the action tomorrow.

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