Monday, November 08, 2010
The Dow fell 37 points today on lighter than lately volume. Advance/declines were negative. We were overbought so a pause here is expected. I doubt it will turn into anymore more than that. The Fed is providing the liquidity to keep the market going. Until that changes, the trend is up. The overall market was stronger than the Dow which usually leads to higher prices going forward. I'm leaving in the open order for the GE January calls but we'll need to see a drop in prices for this to get filled. Gold made another new high today, even with strength in the dollar. The XAU gained 5 1/4. ABX up 2 , GG up 1 3/8 and NEM up a buck. Volume was good for ABX, average for the others. I've said for weeks that money continues to flow into gold and that hasn't changed despite being overbought for an extended period of time. Nothing can derail this market at the moment. I've had many opportunities to take trading positions in the gold shares and I've missed them all. Hopefully I'll do better in the future. Mentally I'm doing OK, slept well enough. Not much else to report. We'll see what tomorrow brings but it should be more of the same.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment