Monday, May 04, 2009
It was a good Monday for the bulls as the Dow rose 214 points. Advance/declines were 5 to 1 positive and the volume was decent. Price and volume moving higher and you can't argue with that. Summation index still moving higher. We are overbought and if tomorrow is positive there will be a short term sell signal for the OEX. We are at resistance for the OEX here at just over 420. I may have to buy some puts but this market seems to just keep going up. It won't last forever though and there is plenty of data later in the week. We'll see. Gold was up $14 today and the XAU finally joined in, up 7 1/2. ABX was 1 3/4 higher, GG up 1 2/3 and NEM added 2 1/4. However the volume was missing as has been the case lately. My GG calls showed some life but they're still losers. Earnings on Thursday morning and I suppose I'll wait for that now. This could just be more sideways action for the gold shares but we'll have to see. Nothing says that it's otherwise at this point. The dollar was weaker today and that helped things along. Mentally I'm doing OK, slept pretty good. It's an important week and there's a problem here at the office. The power is going out halfway through the trading day on Thursday for some maintenance. There is no getting around it. So my data feed will be gone along with the ability to trade. I'll try and take care of things in the morning with contingent orders. But it isn't something that I'm pleased about. It also could keep me out of trading the OEX. So we'll see. I'll run the numbers tonight and come up with a plan for tomorrow.
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