Friday, November 23, 2007
We got the traditional post Thanksgiving day rally. The Dow was up 181 points on very light volume. Advance/declines were 5 to 1 positive. Never trust light volume rallies. My thought is that nobody is believing today is the start of something big to the upside. All the players will be back next week and we'll take it from there. Gold rose over $20 and the XAU tacked on 7 points. NEM and ABX were both up over a buck but again, the volume was holiday light. The dollar fell overseas again. Perhaps that is all the decline that we will get in gold. I'm not sure so I'm on the sidelines for now. GE was up about 50 cents, volume light. I think we need time to build a base here. I already own the calls so it's a waiting game. If we do get a decent pop in the stock, I just might sell and hope to buy back again later. But that's a guess going forward. Mentally I feel OK. It's time for a break and that's what I'm doing. A nice long weekend and back at it on Monday. I will be checking the charts though this weekend. Perhaps some opportunity will be found...
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