Friday, October 29, 2010
The Dow closed the month with a gain of 4 points. Advance/declines were positive and the volume was lighter than lately. GDP for the 3rd quarter came in as expected and wasn't the market mover that I expected. We are still just moving sideways here and I expect some type of explosive move one way or the other soon. I don't think we will stay in a trading range forever. Either next weeks election results or the announcement by the Fed should be a catalyst. No OEX trades yet. Gold gained $15 on a slightly weaker dollar and possible terrorist bomb threat packages around the world. The XAU gained 2 3/4. ABX and NEM were up a buck, while GG gained 1/3. Volume was average. Nothing is stopping the upward movement of gold. Money continues to flow there. That is really where my next trade should be. At least that's my thought at the moment. But I'll have to ponder this over the weekend. Mentally I'm feeling OK. October was another good month for the stock indices and we never got the usual fall in the fall. Next week should be interesting considering we'll get the Fed and the employment report in the same week. There will be opportunities. Whether or not I'll be able to take advantage of them is another question. I really should have done something with the gold shares this week. But it's the story of 2010, missed chances and bad trades. I'll check the charts over the weekend and try and come up with a game plan for next week. It's the last Friday in October and time for a rest.
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