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Thursday, March 05, 2015

Basically a holding pattern today as the Dow gained 38 points on light volume.  The advance/declines were positive but not by much.  The summation index has turned down.  Tomorrows employment report will set the tone for the day.  As always, the market reaction to the numbers will be more important than the numbers themselves.  The short term technical indicators for the major averages have turned down.  I'm still inclined to believe higher prices are still in the cards here before the March option expiration.  Tomorrow will probably prove that thesis right or wrong.  GE was up 1/8 or so on light volume.  This could be a positive precursor for tomorrow.  The weekly chart still shows promise to the upside.  But tomorrow looms large for this trade as well.  Gold was off a few dollars again as the US dollar had another good session.  The dollar has broken out to a new yearly high.  The XAU and GDX didn't move much today.  That's a positive for the gold shares but I don't know how much.  There isn't much interest in the precious metal with a rising dollar and quiet international front at the moment.  A strong jobs number tomorrow would probably send gold lower.  Mentally I'm feeling OK.  So tomorrow will tell the story and I still think we are going higher.  There is nothing to do but wait at this point.  We'll keep an eye on what happens tonight and close out the week tomorrow.  Should be interesting.

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