Thursday, November 19, 2009
The Dow lost some ground today as it fell 93 points. It was worse than that but you can't keep this market down so it seems. Volume was average and the advance/declines were 4 to 1 negative. We're still in a sideways mode in my opinion. The summation index should move back to the downside with todays action. We're going to be oversold here with regards to the market soon if not already. No time to be taking on any big or even small positions. Holiday week to follow. Gold sold off and came back, finishing the day flat. The XAU gained a point. ABX, GG and NEM had fractional moves one way or the other on light volume. The dollar was higher today. There's no keeping the gold shares down at this point. They sold off and came all the way back. Good relative strength compared to the overall market as well. It won't last forever but that is the scenario at the moment. Mentally I'm feeling OK. No trades on the horizon at the moment. I think that I'll let next week pass and take it from there. Perhaps the gold shares if we get a pullback. Expiration tomorrow and we'll see how it goes.
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