Tuesday, January 06, 2009
The Dow gained 62 points today. Volume was nothing special. Advance/declines were 3 to 1 positive. We really need to take a rest here. The market is very overbought. I do expect weakness going forward the next couple of days, perhaps the employment report will be a trigger to the downside. That's my guess at the moment. Gold gained $8 today and the XAU rose 2 2/3. ABX had a fractional loss, while GG and NEM had fractional gains. Volume was pretty good in these issues. I'm holding off on the gold shares for now. GE was up 1/4 on light volume. My GE calls are going nowhere, still in the red. Running out of time for this trade. If we do get some market weakness near term that could do it for the GE calls. Stay tuned. Mentally I'm doing OK, could have slept better. The new year has begun and there really haven't been any surprises one way or the other just yet. Perhaps we are on hold for Friday. That's it for Tuesday.
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