Thursday, March 26, 2009
Fresh new highs and we closed on the high of the day as the Dow gained 175 points on average volume. Advance/declines were around 4 to 1 positive. The rally off the early month lows continues. No need to think it will stop anytime soon. The long term down trend line is still quite a way off. We are breaking through the first weekly down trend line as of today in the major indices. There is some resistance to appear at around 425 on the OEX from a prior consolidation. Gold was up a few bucks today and the XAU rose a point. ABX and GG were up slightly, while NEM gained a buck. NEM continues to lead. However the volume was light today on the gold shares and perhaps we'll get more than a day of pullback. That's a guess. Money has certainly been attracted to gold lately. So we'll see. Nothing else on the radar screen at the moment. Mentally I'm feeling OK, could have slept better. So it looks like I'll let this week pass and look to do something next week before the employment report. The market is moving higher. How high is the question. I'll have to check the charts and come up with some numbers over the weekend.
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