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Friday, March 28, 2014

More of the same as the Dow gained 58 points on light volume.  The advance/declines looked good as they were better than 2 to 1 positive.  The small stocks continue to lag though.  They are short term oversold and perhaps we can get some kind of bounce there as well.  Technically speaking we are in areas that led to rallies in the past for small caps.  I have to say that overall the market seems to be in a period of indecision.  We'll get things going one way or the other but when that happens is the ongoing question.  GE was up a few cents and is really not giving any clues towards market direction.  Trying to break out to the upside of the daily chart triangle but we'll need to see some more volume to be convinced.  Gold was pretty much flat on the session as was the US dollar.  But the XAU gained 1 1/2 as the gold shares have shown two days of out performance.  ABX and GG were up 1/4, while NEM gained a buck.  Volume was nothing special.  The daily candlestick chart for NEM is showing a bullish bottom has been put in with todays price action on that stock.  I do believe that at least a short term bottom is in place for the gold shares.  My May ABX call order was not filled but I will try again on Monday.  Perhaps I'll try NEM instead.  Something to ponder over the weekend.  Mentally I'm feeling a bit tired.  The summation index is still heading lower but another good day of market action will turn it around.  Hasn't happened yet.  We've got the end of March and the 1st quarter coming up on Monday.  Still a waiting game for the next sustained trend in stocks.  It's never easy.  Gold has had a negative two weeks as the weakness expected in March finally showed up.  I'm going to be a buyer of gold share calls next week.  Timing as usual will be the tricky part.  We've got the employment report to look forward to on Friday.  A good slate of other reports out as well.  Plenty to think about over the weekend to come up with a game plan for next week.  For now it's Friday afternoon and time for a rest.

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