Monday, November 23, 2009
The holiday week started on a positive note as the Dow gained 132 points. The advance/declines were over 3 to 1 positive and the volume was light. We were oversold and due for a bounce. I don't think it's going to be much more than that. Major overhead resistance is in play now. We will either have a drop here or move sideways in my opinion. We'll see what happens. Gold set another new high today, up $17. The XAU rose 2 3/4. The gold shares were mixed with ABX dropping a touch, while GG was up fractionally and NEM gained a point. Volume was average. The gold shares have been lagging the price of gold lately. I'm going to hold off on the calls for now. The dollar was weaker today and is basically moving sideways like the overall stock market. Mentally I'm feeling a bit tired, could have slept better. I'm in a wait and see mode at the moment as I do not plan on taking on any positions this holiday week. It's a time for me to be patient. I'll try my best.
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