Thursday, March 25, 2010
The Dow only gained 5 points today but it definitely was an interesting session. We were up over 100 at one point. This could signal the end of the rally. Volume was good today for a change. The advance/declines were negative. There is some chatter again about the Greek debt situation. Tomorrow will be key. If we simply rally back up again, today will just be a blip on the radar. However if we're down tomorrow, I think it will be more meaningful. We do have a negative divergence on the S&P 500 RSI. Gold was up $4 on the futures but the XAU lost 2 3/4. ABX off 1/2, GG down 3/4 and NEM fell 1 1/3. Volume was average. The dollar was up again, perhaps in a flight to safety. I'm still considering the May gold share calls but there is no hurry. When a valid signal appears, I'll probably take it. We'll see. Mentally I'm feeling OK, slept good enough. Still going sideways on the summation index. Perhaps we will roll over here. But that's a guess. The volume picked up today and it may have been the last gasp to the upside when we were up over 100 points. Exhaustion maybe of the bullish move. We'll have to see how we end the week tomorrow.
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