Tuesday, December 05, 2006
The Dow rose another 48 points on good volume. Advance/declines were positive. There seems to be no stopping this market. We remain overbought. I am still thinking about getting some OEX puts but it's risky. I will perhaps get some before the employment report. We'll see. Gold lost three bucks today and the XAU fell about 2 points. NEM held up quite well which was surprising. I am not so sure about getting long gold here. The dollar has stabilized and is way oversold. Any bounce in the dollar here will drain the gold shares. It too, is a risky play. I might have to look out to January as previously planned. I am having trouble here committing to a plan. The stock market could hold up here for a while. However I do feel there will be a short play in here soon. Gold may have had its run here. The volume yesterday was very weak to the upside although the weekly charts do look constructive. Mentally I'm trying to get to a good place. I need to remain objective and realize that there is no harm in staying on the sidelines. But there is no money made there either. I'm going to look things over tonight and take it from there.
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