Thursday, April 15, 2010
The Dow gained another 21 points today. Advance/declines were slightly negative and the volume was good. Overbought, staying there and this is turning into a broken record. There hasn't been any weakness to speak of in weeks. How long will this go on? Who knows? The technicals don't work when you're overbought for weeks on end. Summation index still moving sideways as prices rise. That will roll over at some point and then we will have some downside. Gold opened lower but finished unchanged. The XAU lost 1 3/4. ABX and NEM had fractional losses, while GG was flat. Volume was light. The dollar gained ground today. I placed an order for some ABX May calls. We'll need to see some weakness for it to get filled. Perhaps next week. Of course I could change my mind depending on what the market does. Mentally I'm feeling good, slept well. April option expiration tomorrow. We'll see what happens. I would expect to see some type of pullback in the market but I've said that time and time again lately. It's been an incredible run to the upside. But it won't last forever.
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