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Wednesday, November 12, 2014

Not much happening today as the Dow fell 2 points on lighter than lately volume.  The advance/declines were positive.  The summation index continues higher.  Nothing changed in the two days I was away.  We continue to be overbought and the market continues to grind its way higher.  The small stocks had the relative strength today and that is bullish.  I do not see any big declines coming.  It will probably just be more of the same.  We are overdue for some type of breather coming up.  But when that occurs is anybodies guess.  GE was up 1/8 on average volume.  GE is just hanging around this week.  Gold was off a few bucks today as the US dollar was higher.  Gold has given back some of last weeks gains so far this week.  The XAU was off 1/8.  The gold shares sold off Monday and have since come back.  ABX and GG had fractional gains, while NEM fell 1/4.  Volume has lightened up for the gold shares.  My ABX January gold share calls are still showing a small profit.  Mentally I'm feeling tired from the travel.  The stock indices continue to travel upwards but some type of pause would not be a surprise.  It is a light week for economic data.  Declines will still be bought in my opinion.  Gold has not been able to add to the gains of last week.  That is not an encouraging sign for the bulls.  But we still have a couple of days left in the week.  The gold shares are hanging in there so far for the week.  I need to get some rest as things get back to normal here after a couple of days away from it all.  We'll keep an eye on the overnight developments and go from there.

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