Thursday, April 02, 2009
The Dow climbed 216 points today on good volume. Advance/declines were 6 to 1 positive. We were up over 300 at one point. But profits were taken ahead of tomorrow employment report. The trend is up even if we sell off tomorrow. I don't expect the employment report to have any good news really. However the markets will go wherever they want. No OEX trades for now. Gold lost almost $20 and the XAU dropped 6 and change. Volume increased to the downside and that's a negative. ABX off 1 1/2, GG down 2 and NEM fell over a buck. The dollar was weaker today as well but it didn't help the gold market. Oil was higher and gold fell anyway. So perhaps the flight to safety trade in gold is now unwinding. That's a guess. However price and volume is what I try to follow and today wasn't positive for the gold shares. It could all change tomorrow but I'm going to stay on the sidelines for now. Mentally I'm feeling OK, slept well enough. Thankful that I didn't chase the gold shares here but it isn't easy trying to be patient. I'm going to have to wait for a decent signal to trade the OEX as well. Trin readings still support higher prices but some other indicators are overbought. So it's a waiting game for me at the moment.
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