This blog will describe Jimmybees latest Market thoughts. It also will include thoughts on Jimmybees ongoing trading.
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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