Monday, April 12, 2010
The Dow gained 8 points to crack the 11000 level today. Volume was average and the advance/declines were positive. We were higher for most of the day. The overall market was stronger than the Dow, which usually means higher prices are ahead. We are just about at the 1200 resistance level on the S&P 500 though. However there is the positive bias of option expiration week as well. We'll see how it all shakes out. Gold was off about $6 today and the XAU fell 2 points. ABX, GG and NEM all had fractional losses on average to light volume. The dollar was lower today but it didn't help gold. We've seen some crosscurrents there lately with that relationship. I'm still looking at the May ABX calls. I need to see the overbought condition worked off first though. We could be in that process now. Mentally I'm feeling tired and haven't been as focused as I need to be. Therefore I don't anticipate any trades until later this week or next. There's still a lot to consider. So for now it's the sidelines.
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