Thursday, June 25, 2009
Finally we saw a decent up move today. The Dow rose 172 points on average volume. Advance/declines were around 4 to 1 positive. This is what I was expecting a couple of days ago. There had to be a good positive move to the upside since we were so oversold. It took longer than I thought. The key is where we go from here. Perhaps it is the beginning of the summer rally. We'll have to see what the summation index reads later tonight. It's possible that the recent decline has ended. Gold was up $5 and the XAU rose 5 3/4 points. ABX and GG were both up about 1 1/2, while NEM gained a buck. Volume was light but you can't argue with price. I've missed yet another opportunity in the gold shares. It is beginning to sound like a broken record. I did have an order to buy in Monday night but it wasn't to be. The gold shares are leading gold here and I think this rally is for real despite the light volume. Perhaps the Monday decline was the downside blow off. It is frustrating to miss out on profits but you have to keep moving. Mentally I'm doing OK, slept well enough. So where do I go from here? End of the month coming up next week and it's a short week too. I suppose that I'll just wait it out on the sidelines for now. It is the toughest game in the world and I've been playing it very poorly. Confidence is one of the keys and mine is shot right now. And on it goes. We'll see if there is follow through to the upside tomorrow.
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