Friday, January 23, 2009
The Dow lost 45 points today on average volume. Advance/declines were about even. GE was down about 1 1/2 on extremely heavy volume and that kept the market down. The overall market though was higher. It still looks like we are trying to put in a bottom here. The summation index is still heading lower so we'll have to see what next week looks like. At this point I do think we will head higher but I could be wrong. Plenty of time in this option cycle, so waiting for a decent signal is my choice at the moment. Gold had a great day, up over $35. The XAU rose over 10 points. It looks like an upside breakout on some of the gold shares. ABX up 4, GG up 2 1/2, NEM up 3 1/2. All on heavy volume. Money continues to flow into gold. I have said that repeatedly and yet I don't own any of the calls. That is frustrating to be sure. However I still feel that there is plenty of time and money to be made there. I'll probably get long on the next round of profit taking. The dollar was higher but gold seems to have a life of its own at the moment. Mentally I'm doing OK. Trying to recover still from the early year losses that I've suffered. The battle is always within. I'm trying to regain the confidence required. It hasn't been easy. For now I'll try and relax over the weekend. Check the charts and get ready for the end of the month next week. It was a short but volatile week and we''ll see if that's the case going forward. Time for a break.
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