Friday, December 12, 2008
The Dow gained 64 points on average volume. Advance/declines were positive. We opened about 200 points lower and fought back all day from that. The market wants to go higher. Summation index still pointing upwards. No need to fight it. Fed next week and we'll go from there. Gold lost $6 but the XAU rose 2 3/4. The gold shares are leaders here. NEM up over a buck with ABX and GG fractional gainers. Volume was decent. Pullbacks are met with buying. I'd still like to get long here but we remain overbought. GE didn't do much and the volume was light. I still am looking at the January calls here. One week for December options and that might just be a bit too risky. Mentally I'm doing OK, could have used some more sleep. I'd like to get positioned for the beginning of next year with some calls. Perhaps if we get some weakness next week. I'm trying to focus on what needs to be done. I have a couple of ideas and am really thinking of trying a Fed play. I'll need to check the charts over the weekend. It's time for a break.
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