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Tuesday, April 28, 2009

The market is in a holding pattern as the Dow lost 8 points on light volume. Advance/declines were even. I guess we're waiting for the GDP report tomorrow and the Fed. I don't know which way we are going to go. No clear signal for the OEX so it's the sidelines for me with regards to the OEX. Gold took a hit today, down $15. The XAU dropped 4 1/4. ABX off 1 1/3, GG down a buck and NEM lost 1 2/3. Volume was light as it has been lately. My GG calls are back in the red. So back and forth we go here on this trade. The dollar lost ground today and that didn't help gold. That is not a positive going forward. I suppose I will see how the week closes out unless we simply drop in the gold shares from here. ABX earnings tomorrow and NEM on Thursday. I think tomorrow could be the key with all the news coming out. But that's a guess. We'll just have to see how it goes. Mentally I'm a bit tired, didn't sleep all that well. So here we are having moved sideways for the most part lately with regards to the overall market. We will break out sooner or later. Which way is the question. It feels as though the market wants to go higher. The technicals are mixed though. So we'll see where we go from here.

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