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Friday, April 03, 2009

The Dow closed the week with a gain of 39 points on average volume. Advance/declines were positive. The employment report was terrible as expected but we continued higher. The trend remains up. You can't argue with the market. Summation index pointing higher. There is a lot of resistance coming up so I don't expect some huge upside move but you never know. The next signal looks like it will be a sell. However no OEX trades for now. Gold dropped another $10 and the XAU lost almost 7. ABX down 1 7/8, GG off 1 2/3, NEM shed 2 1/3. The volume was better than lately. Getting oversold here but we have broken down. I'm going to have to give the gold shares some time to find a bottom. Perhaps getting long the May option cycle. We'll see. Mentally I'm a bit tired. It's the end of the week and the weekend is upon us. Next week is a short week with a Friday holiday. It could be a sideways affair here for a while too. No need to press the issue here. If something looks like it has a chance to succeed, I'll give it a shot. Otherwise I'll have to remain on the sidelines. Time for a break before a check of the charts over the weekend.

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