Monday, October 18, 2010
The Dow gained 80 points today on good volume. Advance/declines were 2 to 1 positive. The market continues to gain ground and there is no letting up. Price and volume are leading the way. Summation index also continues higher. Overbought and that doesn't seem to mean anything. This can't go on forever, can it? I have no OEX trades at the moment. Gold was flat today on the futures, while the XAU lost 1 1/8. ABX, GG and NEM were mixed on light volume. The dollar opened higher and closed lower. There is nothing stopping gold at the moment either. Very overbought and has been for what seems like weeks now. I'll be looking at the gold share calls on a pull back. I've said that for weeks as well. Gold and the stock indices moving higher are the trends that have been in place since the end of August. That ties in with the weaker dollar in the same time period. 76 is the key level for the US dollar. Mentally I'm doing OK. Not much else to say here. I don't have any good ideas right now. I'll be on the sidelines until something looks good to me.
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