Monday, April 26, 2010
The Dow ended flat for the session, after being positive for much of the day. Advance/declines were negative and the volume was average. The overall market was weaker than the Dow. The Fed is meeting this week, with the announcement on interest rates to come on Wednesday. The market could be in a holding pattern until then. We've got the end of the month coming up on Friday as well. We're a touch overbought here. I do expect weakness by Friday but perhaps we won't wait that long. That's a guess. Gold was flat today as well as the XAU. ABX, GG and NEM all didn't do much and the volume was extremely light. The dollar didn't do much today either. My ABX calls are still slightly in the black. Earnings on Wednesday and that should be the exit date. We'll see. NEM reports tomorrow. Gold hasn't made it through $1160 but if it could it would help the bullish case. Plus it would probably help my ABX calls. Mentally I'm feeling OK, slept good. So it's a waiting game until Wednesday morning and then how ABX reacts to the earnings. Not to mention how I react to whatever happens. That's probably the more important piece of the trading puzzle. And we have the Fed to contend with. So it will be an interesting week.
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