Wednesday, April 08, 2009
The Dow gained 47 points today on the recent light volume we've seen. It is a holiday week. Advance/declines were over 2 to 1 positive. Not exactly sure where we're going here as it is a sideways affair. I suppose that I'll wait until next week for the OEX. Gold gained a couple bucks while the XAU lost about a half. Fractional losses for ABX, GG and NEM in lackluster trade. I'm looking at the May calls for the gold shares. I don't know if it will work but that is my focus at the moment. Interest in gold has waned which could be a problem for the long side. But we are getting oversold on a daily basis and I will probably do something next week. Mentally I'm feeling OK. Finish up the short week tomorrow and take it from there. No need to press things here because there really isn't much going on. The market is kind of acting like it can in the April cycle. Sideways with not really any great trading opportunities as yet. So it's the sidelines as it has been. I'll keep an eye on things and remain patient.
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