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Tuesday, December 24, 2013

Still moving higher in a holiday shortened session as the Dow gained 63 points on extremely light volume.  The advance/declines were 2 to 1 positive.  The summation index continues to the upside.  The Santa Claus rally is in full swing and even higher prices are probably coming.  There is nothing in sight to derail the rally at this time.  Overbought, staying there and that is the characteristic of bull markets.  GE was up almost 1/4 and the volume was really light.  Might be too late to try the calls here now.  Gold gained back what it lost yesterday and the US dollar didn't do much.  The XAU rose 2 1/3.  ABX, GG and NEM all were up over 60 cents.  Volume was anemic.  Might be too late here as well for the calls since todays upside increased the option premiums.  The daily technicals also finally got moving to the upside for the gold shares.  But it is hard to read much into a holiday light volume move.  Mentally I'm feeling OK.  We'll take tomorrow off and see how things pan out when we open on Thursday.  Thursday is also a holiday for many people around the world.  I'd still like to try the gold shares from the long side at some point before the new year begins.  So we'll see what happens.  Happy Holidays everyone.

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