Wednesday, December 02, 2009
Kind of a sideways day as the Dow lost 19 points. The overall market was stronger. Advance/declines were almost 2 to 1 positive and the volume was light. Fed minutes were released but they were not a market mover. I think we're in a holding pattern until the employment report on Friday. I have no OEX trades in mind. Gold continues higher, up $12. The XAU rose 4 1/4. ABX was up almost 2, GG up over a buck and NEM was the laggard finishing flat on the day. The dollar was a bit higher. Gold has gone parabolic and the money just continues to flow there. The volume is really good on the rallies. How high can it go? Who knows? I think that I'll just get long the next time the indicators move toward oversold since they never really seem to get there. Perhaps. I do want to have some calls before the beginning of next year because my thinking is that the new year money will flock to the precious metal. I could be wrong. Mentally I'm feeling OK, slept well enough. The market and summation index have been moving sideways for a few weeks. Perhaps the employment report will break us out of the range. Some of the major indexes are also at long term resistance. If we move to the upside it should be significant. So we'll see what happens. The market also shrugged off the Dubai bad news and that is bullish. Perhaps the OEX calls are the play. I'll mull things over tonight.
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