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Tuesday, February 25, 2014

Meandering around here as the Dow fell 27 points on average volume.  The advance/declines were negative.  I'm still anticipating higher stock prices going forward.  The jury is still out though on whether yesterday was a short term exhaustion to the upside.  The short term technicals remain overbought.  I guess you could make a case for numerous double tops here in the stock indices if we roll over hard.  I will note that the most recent low that was made on a number of indexes was the first time in quite a while where it was lower than the previous low.  Whether or not that means anything remains to be seen.  GE didn't do much today and the volume was average.  Considering the calls here but in no rush to put a trade on.  Gold rose around $5 on the futures and the US dollar was a little lower on the session.  The XAU was off 1 2/3.  The gold shares are overdue for a pause.  ABX, GG and NEM had fractional moves one way or the other on light volume.  Mentally I'm feeling OK.  Not much out there to move the market this week.  The Fed head will be speaking on Thursday.  That could get things going.  End of the month coming up on Friday as well.  I don't think things are getting complacent here but what do I know?  Bullishness is rising again though.  Gold is overbought and needs a rest.  The gold shares led the way up and they have stalled here while gold continues higher.  Time for a pause?  We'll watch what happens overnight and go from there.

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