Wednesday, November 29, 2006
The Dow was up 90 points today on heavy volume. Advance/declines were 4 to 1 positive. Volatility has returned. But will we just keep going higher? Was the 150 plus point decline just a blip on the horizon? It is the end of the month which could skew things. But really, I don't know. The summation index should now be back into positive territory. I'm on the sidelines for the OEX now. I'm going to have to wait for a good signal. It isn't easy. Gold was down a couple bucks today but the XAU was up fractionally. It still seems like the gold shares want to go higher. There is no selling pressure. I am still looking at the ABX calls if I get a chance but it doesn't look like it will happen. I noticed some strange action in the NEM calls after the bell. I don't know what it means but the volume soared on some trades 7 minutes after the bell and the prices were low on the trades for the day. Can't tell if someone's getting in big or looking to bail out. I'll check the open interest tomorrow. Open interest has increased in the ABX calls and that's usually a positive. ABX is overbought here though but I'm thinking that it will stay there if the dollar remains weak which I expect it to. But nothing is for sure in this game. Mentally I'm hanging in there with the back-up computer and all. I'm not running as many things at once now in hopes the computer will perform better. But it is a problem. Gotta keep going though.
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