Thursday, April 22, 2010
The market tried to sell off once again but we came back for a gain of 9 points on the Dow. Volume was good and the advance/declines were positive. The market tanked early, down over 100 points. Somehow it rose steadily from the bottom for most of the session to get positive. I expected some weakness but it didn't hold. I'm still thinking that we are building a top here. Summation index moving sideways. Gold sold off early as well and ended with a loss of $6. We were down over $15 there early. The XAU gained almost 2 points as the gold shares outperformed the metal. ABX, GG and NEM all had fractional gains to the upside on light volume. The gold shares continue to show good relative strength vs. the S&P 500. The dollar was up again today as well but the gold shares managed gains. Volume is lacking though. My ABX calls moved slightly into the black. The game plan of waiting for the earnings next week is still in place for now. Mentally I'm feeling OK. I'm still expecting some near term weakness for the stock market but the market itself is saying otherwise. We'll see what tomorrow brings.
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