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Thursday, January 09, 2014

Still no rally for the Dow as we fell 18 points on average volume.  The advance/declines were slightly positive.  Tomorrow we will see some movement as the employment report is due.  I'm expecting a rally due to the technical condition of the market at the moment.  We are overdue for some kind of short term upside.  I still do not expect any sustained move higher.  We'll see.  GE was flat on the session after being lower early.  Still no trades in mind here.  Gold was up $3 on the futures as the US dollar was slightly lower.  The XAU dropped 1 1/2.  ABX and NEM lost 1/4, while GG bucked the trend by closing up 1/4.  Volume was good for GG as it announced some positive results for the year 2013.  I did place another open order for the January GG calls but it wasn't filled.  With only 6 days to go in the January option cycle, I'm going to head over to the February cycle.  The risk is too high for the January options at this point.  I'll be waiting for a signal to get the GG calls.  We still haven't gotten through the resistance from the down trend line from last August.  Mentally I'm still feeling tired.  I expect to see some upside here on a short term basis.  The catalyst will be the employment report one way or the other.  Gold should be moving tomorrow as well.  It could get interesting. 

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