Tuesday, December 29, 2009
Another light volume exercise in waiting for next year as the Dow lost a point. Advance/declines about even again. I'm expecting some weakness and it will probably be soon. I don't think it's the beginning of anything big but we do have to work off the overbought condition of the market. Summation index still heading higher. Gold dropped about $10 today and the XAU fell 1 3/4. ABX and GG had fractional losses with ABX leading the way. NEM was flat. The volume was holiday light again. My ABX calls are back to break even. The technicals look like they are about to roll over so this could be another in the story of 2009 losing trades now. I have seen it time and time again this past year. There is no volume here though so there is still a chance that it will work in the beginning of the year. We'll see. The dollar was a bit stronger today. Mentally I'm doing OK. Perhaps I should have just waited until the new year to initiate this gold trade. The market seems even slower than usual for this time of year. 2 days left in 2009. I can't see any big rally until next week, if then. This has been a light volume rise and that is never sustainable in my opinion. So we'll see what happens.
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