Wednesday, November 25, 2009
Another slow day as the Dow gained 30 points on light volume. Advance/declines were over 2 to 1 positive. Holiday tomorrow and a shortened session on Friday. It's a waiting game. I'm leaning towards getting some OEX puts with such light volume here lately. We'll see. Gold continues it's climb to the sky, up another $20 as we approach $1200. The XAU gained 5 points. ABX and GG were up a buck , while NEM tacked on 1 1/2. Volume was light. The money continues to go into gold. You cannot fight that. The dollar was weaker today and broke its near term support. We are very overbought in the gold shares and the gold market but there hasn't been any drop. That won't last forever. I'll be taking a look at the gold shares as well. Mentally I'm in stand by mode. There isn't much else to do this week. Relax and try to come up with a game plan for the December option cycle. But there's no hurry.
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