Monday, September 28, 2009
A Monday rally as the Dow gained 124 points on what looks like light volume. Advance/declines were over 3 to 1 positive. Are we going to move to new recovery highs this week? I wish I knew. I'm still leaning to the downside here and may purchase some OEX puts again. Wednesday would be the day to buy them unless we just rocket up from here. Employment report out on Friday. Beginning of the month positive money flows start this week too. I haven't decided what to do just yet. Gold gained a couple bucks today, while the XAU was up 1/2. ABX, GG and NEM were flat today on light volume. They all were higher early. The charts don't look all that promising for the upside here but I still like the gold shares. Not just yet though. That could change by the end of the week. Mentally I'm doing OK, slept well enough. There is some indecision here on my part. I'm going to have to let the market tell me what to do. I don't trust light volume rallies and that is what today looks like. The summation index hasn't turned around yet either but that doesn't mean it can't. Also rallies that are sharp and appear out of nowhere are more of a bear market phenomenon. So there are some crosscurrents happening as far as I'm concerned at the moment. I'm going to try and stay patient.
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