Tuesday, April 21, 2009
Bouncing back today as the Dow gained 127 points on average volume. Advance/declines were 3 to 1 positive. So was yesterday just an expiration related decline? Time will tell. We'll have to see how the week ends up. Nothing doing in the OEX trade arena for me at the moment. Gold lost $5 today and the XAU dropped 1 3/4. The daily charts don't look good for the upside here. ABX off 3/4, GG down about 1 1/4 and NEM off 1/4. The volume was light again. No follow through to yesterday. GG is weaker than the rest and my calls there are back under water. The gold shares are acting worse than the metal itself and that isn't a bullish sign. I'm holding on for now. Not much else going on for me at the moment. Mentally I'm doing OK. Debating on whether to just take the GG loss this week or give it some more time to work. Still oversold but it's staying there and that isn't good. However it won't stay oversold forever. I think I'll give it until Friday at least unless there's a sharp break down. We'll see what tomorrow brings.
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