Thursday, March 29, 2007
The Dow gained 48 points on average volume. Advance/declines were positive. It was an up and down day. It wasn't a broad based advance and the NASDAQ barely got positive. The market came back in the last hour though and that is sometimes a good sign. But I'm not convinced we are going anywhere with this. I think we are in a trading range at the moment. Last day of the month tomorrow. Gold was down 5 bucks today and the XAU dropped a third. The gold shares came back in the last hour also. I seriously considered dumping the ABX calls at a loss today but we came back. This has the feel of a trade that isn't going to work so I am looking to cut the loss at this point. The calls are under water. ABX is going to have to have a pretty good day tomorrow for me to consider hanging on. But I will probably wait until next week. The news has all been bullish for gold lately with the Iran/British crisis going on. But gold hasn't done much and that isn't a good sign. It seems the gold shares are just trading with the market lately and that really doesn't bode well for the future. So I've got some hard thinking to do and next week is a short one also. We are a bit oversold on the gold shares but not so much that you'd think a major rally is about to begin. Mentally I'm doing a s well as can be expected. Not a good nights sleep last night but you've got to move forward. Some economic data out tomorrow but nothing really important. The GDP number was revised upwards today and that was a surprise. The dollar didn't move much. On to the end of the week, the month and the quarter.
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