Wednesday, December 29, 2010
The Dow gained 9 points today on very light volume. Advance/declines were almost 2 to 1 positive. We were higher most of the day but fell back in the final hour. Hard to decipher the market mood here. Perhaps it's just a waiting game for the end of the year. Still overbought and some decline would not necessarily be a bad thing. GE lost a nickel and my January calls fell a bit. Very overbought here and I would hope for some sideways action in the next couple of days. Gold gained $8 but the XAU only rose 3/4. The dollar was pretty weak today. The gold shares didn't do much, with fractional gains and losses on light volume. GG was up a bit and my January calls gained a touch. However the price action here hasn't been robust as we are almost at a new all time high for the precious metal. I will be keeping a close eye on what goes on here as I am not liking this trade as much as when it began. The gold shares are not acting as expected. Mentally I'm feeling OK. A couple of days left in the week, month and the year. It's a waiting game.
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