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Monday, November 24, 2014

Nothing has changed as the Dow gained 7 points on light volume.  The advance/declines were positive.  The summation index is back to moving higher.  The overall market was much stronger than the Dow.  We should be drifting up for the remainder of the holiday week.  Overbought, staying that way and no change in sight.  GE was flat on the session and the volume was light.  Nothing new to report here.  Gold was off a couple bucks on the futures and the US dollar was a bit lower as well.  The XAU fell a point.  ABX, GG and NEM had fractional losses.  Volume was light for ABX and GG.  Average volume for NEM.  The gains on my ABX January calls are being pared.  We are rolling over on the technicals for the gold shares here and it looks like I have overstayed my welcome on ABX.  Mentally I'm feeling OK.  Not much to report with todays price action.  All signs point to more of the same.  The small stocks are relatively stronger and that's bullish.  New closing all time highs for many of the major stock indices.  There is no overhead resistance.  Gold is stalling at the 50 day moving average.  If we can get through there it would be a positive but I would not count on it just yet.  The gold shares broke the near term down trend line.  The next technical expectation would be a return to that line.  Perhaps that is what is occurring now.  Here too, the 50 day moving average is providing resistance.  Plenty of time for the ABX call trade that I'm in but maybe selling out last week was the proper move.  Time will tell on that.  We'll keep an eye on the overnight action and take it from there. 

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