Thursday, February 05, 2009
Up ahead of the employment report as the Dow gained 106 points on good volume. Advance/declines were positive. Short covering? Does the market know that the number tomorrow won't be so bad? Will the federal stimulus package get passed tonight? No reason really but you have to respect what the market does vs. what you think it should do. We'll see what happens tomorrow. Gold was up over $12 and the XAU climbed 3 1/3. ABX up 1 1/2, GG up 3/4 and NEM up about a buck. The volume was OK. Overbought here and about to break out to the upside possibly. I'm going to wait to see what happens on the open tomorrow. I'd still like to take a shot with the gold share calls but will need to see some weakness first. There's a chance that they just open higher and keep on going as well. So we'll see. It's a tough call at this point. Mentally I'm doing OK. Trying not to do anything stupid here but I would like to put a trade on. I'm thinking that we will be down on the open tomorrow and we'll see how bad it gets. I can't imagine that the employment number will have any positive news. But there is a chance that the stimulus package gets done tonight and the market may simply focus on that. You know, it's never easy. So we'll see what happens.
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