Tuesday, March 30, 2010
Marking time for now as the Dow gained 11 points on average volume. Advance/declines were slightly positive. End of the month tomorrow. The story remains the same. Sideways to higher the past couple of weeks. No catalyst as of yet. Perhaps the employment report on Friday will provide an excuse for movement. We'll see. Gold lost what it gained yesterday. The XAU fell 3/4. The gold shares were mixed. ABX and GG off fractionally, while NEM was up a bit. Volume was light. The dollar gained a bit of ground today. Same story here. No trend lately and sideways. We are just about at a moving average crossover to the downside for the gold shares as measured by the HUI on a daily basis. I'm still looking at the May calls though. No hurry to do anything. Mentally I'm a bit tired, could have slept better. A little over 2 weeks on the April option cycle. I'd like to do something but I cannot trade just to make a trade. We've been overbought for quite some time and the trend is up. It's tough to fight that. Holiday weekend coming up and it's a holiday week. The prudent action is to stay on the sidelines in my opinion.
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