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Wednesday, November 26, 2014

A drift higher today as the Dow gained 12 points on light volume.  The advance/declines were positive.  The overall market was much stronger than the Dow including the small stocks.  This bodes well for the bullish cause going forward.  The summation index continues higher.  The trend remains up and should be for quite some time.  There is no overhead resistance.  GE was flat again and the volume was light.  Waiting for a spot to buy the March calls here.  Gold didn't do much on the futures but the US dollar was lower today.  Markets are traded thin this week.  The XAU fell a point.  ABX was flat today, while GG and NEM had small fractional losses.  Volume was holiday light.  There is some noise about an upcoming vote in Switzerland to peg some of franc to gold but the odds of passage are slim.  Mentally I'm feeling OK.  A shortened stock session on tap for Friday but I would not expect any major market movement.  End of the month that day as well.  The major players will be off.  Things will return to normal on Monday and we'll start the month of December.  There is nothing in the way to cause any of the bulls concern at the moment.  Gold and the gold share indexes remain below their 50 day moving averages.  I think sideways price action is the most we can hope for right now.  Short term overbought on some of the technical indicators for the gold shares but it has yet to produce a decline.  We'll see what next week brings.  Happy Thanksgiving to all that celebrate the holiday and we'll be back here on Friday.

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