Friday, April 17, 2009
We ended expiration with a slight gain of 6 points for the Dow on good volume. Advance/declines were 2 to 1 positive. The trend is up and it seems as though there is no stopping things at this point. Summation index still moving higher. It has been quite a rally off the lows. No OEX trades on the horizon. Gold lost $12 today and the XAU shed almost 4. ABX down 3/4, GG off 1 1/3 and NEM fell 1 3/4. All on good volume. My GG calls got filled. I think that I'm early here. This already has the feel of a trade that won't work out. In the red a touch and the weekly charts don't look good. Oversold on a daily basis so I may be able to exit on a bounce. I think I needed a little more patience here. Earnings are out in the May cycle. The dollar had a good day and that isn't helping gold. We moved sideways in the gold shares and then broke to the downside on increased volume. That's hardly a bullish scenario. So we'll see what happens. Time is on my side but that's about it at this point. Mentally I'm feeling good, slept well enough. The weekend is here so it's time for a brief rest from the game. I'll look at the charts and go from there. But first a break.
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