Wednesday, November 26, 2008
Going higher as the Dow gained 247 points on lighter volume. Advance/declines were 5 to 1 positive. The summation index looks like it has put in a double bottom and is now heading to the upside. Getting short term overbought and we will be after Friday. Bad news all around today and the market goes higher. I think that the sellers are gone for now. I'll be looking to buy something on any pullback. Gold lost $9 today but the XAU was up by almost 6 points. ABX and NEM were up over a buck and GG gained 2. The volume was pretty good for a pre-holiday session. The gold shares are the place to be and I'll be there if we get some sort of retracement. Seems like everyone has the same idea here though. We'll see. GE was up around 40 cents on average volume. I'll buy back the calls again if they get cheap. The real question I think at this point is what happens when we start to head lower at some point next week? I'm a believer in the upside for a while though. Mentally I'm a bit tired, did not sleep as much as usual. It's Thanksgiving and a nice long break from the markets is in order. I think that patience is the key here. There's still 3 weeks left in the December option cycle. Shortened trading day on Friday and then we'll get back to it on Monday.
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