Monday, October 25, 2010
The Dow closed up 31 points today on average volume. Advance/declines were positive. We were much higher on the open and faded out for the rest of the day. Not sure that means anything though. Summation index continues higher and the market grinds up. No change in that scenario, even with the one day sell-off of last week. No OEX trades in mind. We are moving back to short term overbought. Gold gained $14 and the XAU rose 2 3/4. ABX and GG gained about 1/2 each, while NEM was flat. Volume was light. The dollar fell a bit. The big cap gold stocks did not move as much as I would expect with a decent gain in gold. Earnings for GG and ABX in a couple of days. I placed another order for the ABX November calls. We'll need to see some downside for this order to be filled. If it isn't filled ahead of the earnings, I'll be canceling the order. So we'll see what happens. Mentally I'm feeling tired, did not sleep well. End of the month at the end of the week. Plenty of data this week including the first look at 3rd quarter GDP. The market continues higher for now.
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