Thursday, January 07, 2010
A slight push to the upside as the Dow gained 33 points. Advance/declines were positive and the volume was average. Overbought here but that doesn't mean there has to be a big decline if we get one. All eyes will be on tomorrows employment report. I can only guess at what the numbers will be. How the market reacts will be the key going forward. The market has tried to sell off since Mondays big gain but hasn't. We'll see. Gold lost some ground today, off about $3 and more in the aftermarket. The XAU fell 1 1/2. ABX, GG and NEM all had fractional losses on lighter volume. My ABX calls are right back to where I bought them. This has been an interesting trade with a couple of chances to get out at a profit. Now comes tomorrows news and golds reaction to it. ABX is the weakest of the group at this point. The relative strength has moved to GG. There's nothing to do now except wait for the employment report. I should bail out of this trade tomorrow unless there is a strong move to the upside. Mentally I'm feeling tired, did not sleep well. We'll see what tomorrow brings.
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