Friday, October 15, 2010
The Dow lost 31 points today on expiration heavy volume. Advance/declines were negative. The overall market was much stronger than the Dow. GEs earnings disappointed and the major banks took a hit. We are still moving higher though. We'll see how the earnings shape up for next week. Gold lost $5 on the futures and a bit more in the aftermarket. The XAU lost 2 1/3. ABX, GG and NEM all had fractional losses of at least 1/2 on light volume. The dollar bounced a bit today. I might try the November gold share calls on a pull back. Mentally I'm feeling OK. I didn't do anything stupid this week and that's a plus. The NASDAQ is much stronger than the Dow at the moment and that is usually a bullish sign. The next resistance for the S&P 500 is at the 1200 level. I'll check the charts over the weekend and go from there. It's Friday afternoon and time for a break.
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