Pageviews past week

Friday, April 04, 2014

An interesting day to say the least as the Dow fell around 160 points on good volume.  The advance/declines were 2 to 1 negative.  The jobs number came in about as expected and we briefly rallied at the start.  But then things turned around as the small stocks got crushed.  So it was a one day reversal to the downside for the major averages.  The short term technicals have now rolled over here, although todays advance/declines weren't all that negative.  It is probably not a time to be looking at OEX calls and perhaps the puts will be the way to go here.  GE lost about 20 cents and the volume was nothing special.  The daily candlestick chart here is now bearish.  We broke out of the wedge on light volume and that was a clue not to get too bullish.  Perhaps some puts might be in order here but I'll have to check it out over the weekend.  Gold had a good day, the futures rose almost $20.  The US dollar didn't do much on the employment news.  I'm not sure why gold rallied today.  The XAU did not follow and was up only 5/8 after being higher early.  ABX and GG had fractional gains, while NEM was flat.  Volume was light.  I'm still considering the May ABX calls but I will look at this idea again over the weekend.  When gold itself rallies good and the gold shares don't, it isn't bullish going forward.  Mentally I'm feeling OK.  We had an initial positive reaction to the jobs number in the stock market but then it was selling for the rest of the day.  I'm not exactly sure what to make of it but I'd remain cautious regarding stocks.  Perhaps the market as always knows more than we do.  It sure looks like a rollover for the big caps today.  Gold had a nice rally today but the gold shares followed the overall market weakness.  I think the next thing to watch here will be the Fed beige book on Wednesday but that's a guess as usual.  The short term technicals for the gold shares are moving higher and that is a plus.  However I'd like to see a better entry point for the May ABX call trade.  That might simply be wishful thinking at this point.  I'll be checking all the charts over the weekend.  For now it's Friday afternoon and time for a break.

1 comment:

BigProfitbuzz said...

BigProfitbuzz is an Indian stock market advisory firm. BigProfitbuzz proven month after month that trading and investing in Share Market can be profitable whether market is bull or bear. As said last time we made a buy position in NIFTY around 6200--6300 we booked the profit around 6600.All our paid clients made a very good profit. Now for the coming week we suggest all the traders to make a sell position in NIFTY around 6600-6700 with stop loss of 6850 for the target 6350-6200.We know these levels are high but we are very much sure that this is the very safe level to trade .So wait for the level to take your position in the market. Traders can also make sell position in NIFTY 50 stocks according to the level of NIFTY. If want good calls in the market then fill our trial form & get them .We believe in Low risk for sufficient profit.

Regards
BIGPROFITBUZZ TEAM