Thursday, November 05, 2009
A pre-employment report rally as the Dow gained 203 points on lighter than lately volume. Advance/declines were 4 to 1 positive. I expected a wait and see type of day but no. Does this bode well for the report tomorrow? We'll see. Summation index trying to turn back up. Perhaps the decline is over. Still 2 weeks left on the options for November. We'll have to see if there is follow through tomorrow. Gold was up a couple bucks and the XAU rose a point. ABX and GG had fractional moves to the upside, while NEM was flat. Volume was lighter than usual. The GG earnings had a muted effect. I may try the gold shares one more time here in November. If we get a bit of a pullback in gold. Could be risky though. Mentally I'm a bit tired, did not sleep enough. With the action in the overall stock market this week it appears that the decline is over. Once the summation index turns up we should move to new recovery highs. I'm not sure gold will follow, considering we gained 200 points today and the gold shares barely budged. So there's things to think about as usual. I was considering trying some GE calls here as well. But let's see tomorrows report and reaction first.
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