Friday, January 14, 2011
The relentless climb continues as the Dow tacked on another 55 points today on good volume. Advance/declines were positive. The overall market was stronger than the Dow. It set a nice tone going into a long holiday weekend. Nothing has changed. The trend is up. GE rose 22 cents on lighter volume. Earnings in a week. I probably should not try a trade there with 4 days to go in the January option cycle. But I can't promise anything. I still think we are going to move higher there. Gold took another hit, down $25. The XAU lost 3 1/8. ABX fell 1/3, GG dropped 1 1/2 and NEM lost 1 1/8. Volume was heavy. The dollar didn't do much today, just off a touch. Money is moving out of gold. That is what I read into the current situation. The longer term uptrend is still intact though. I will have to look at things over the weekend to see how low we can go before support kicks in. Mentally I'm feeling tired. It has been a long week of meetings and thankfully I don't foresee that happening again anytime in the near future. There is one more such meeting on Tuesday and that's it. I'm glad it's Friday and I intend to take a nice long rest over the holiday weekend. The charts will be checked but there is plenty of time for that.
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