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Monday, December 23, 2013

A nice start to the holiday week as the Dow gained 73 points on light volume.  The advance/declines were better than 2 to 1 positive.  The summation index is heading higher.  The holiday rally is in full swing.  I don't know how high this market can go but the trend is up and there is nothing in the way.  We are short term overbought for the stock indices but can remain that way in an uptrend.  There will be an early close for the exchanges tomorrow.  GE was little changed and the volume was light.  I'm still considering the calls here for January.  Gold was off 6 bucks on the futures and the US dollar was slightly weaker as well.  The XAU ended the day flat.  ABX, GG and NEM had little movement on light volume.  I'm still looking for the gold shares to pop at the beginning of the new year.  I'm considering the ABX or GG calls.  Looking to purchase them this Thursday or Friday.  Mentally I'm feeling OK.  As expected the volume this week will be light and the trend will be for higher equity prices.  Weakness can be bought in my opinion.  Gold is going nowhere fast.  It is really a waiting game for most of this week.  Sometimes you just have to be patient.  I'd like to start the new year on the right track.  We'll see what happens going forward.

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