Monday, March 29, 2010
The Dow gained 45 points to day to start off this holiday shortened week. Volume was average and the advance/declines were 2 to 1 positive. The summation index continues to move sideways. This week could just be a light volume affair with Easter and spring break on the agenda. Friday is a market holiday. End of the month on Wednesday. I'm pretty sure I'll be on the sidelines with regards to the OEX. Gold was up over $5 and the XAU gained 3. ABX and GG were up 40 cents, while NEM gained a buck. Volume was light. The dollar was weaker today. I'd still like to get some May gold shares calls. Probably will do it when the Gold/XAU ratio hits the buy zone. It's possible that the rally in the gold shares is already starting here but the volume hasn't been much. There's no rush to do anything though. This week looks like it's something that I should just let pass. We'll see. Mentally I'm feeling OK, slept OK. I checked the charts over the weekend and the gold scenario is a mixed picture. The dollar may be putting in a top here though. That could and should bode well for gold. The stock indices are still overbought. They have been that way for quite some time. Some type of drop is overdue. You can't fight the trend though and the trend is up. We'll have to see for how much longer.
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