Wednesday, March 25, 2009
Up, down and back up again as the Dow gained 90 points on good volume. Advance/declines were positive. It was a volatile day with a 300 point range in the Dow. We came back in the last hour and that's usually a good sign. The economic data is being viewed as positive for the time being. Summation index still pointing to the upside so that is what we'll look for. Gold was up over $10 and the XAU rose over 4. ABX and GG were up around a buck on better volume. NEM up 2 on good volume. The gold shares continue to outperform the metal and if we get any kind of pullback, I think that is the place to be. Overbought here though so I'm going to be patient if I can be. Money continues to be attracted to the gold shares. I'm not going to chase it though. Nothing else on my radar screen at the moment. As I've said before, sometimes the April option cycle is a sideways affair. Staying on the sidelines unless something compelling appears could be the best strategy. Mentally I'm feeling fine, slept well. Not much else for today. Final GDP will be reported tomorrow and it won't look good but I think it's already in the market. So we'll see.
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