Monday, January 31, 2011
We ended the month on a positive note with the Dow gaining 68 points on average volume. Advance/declines were over 2 to 1 positive. The unrest in Egypt continues but it doesn't matter to the market today. It seems like there is nothing to derail the indices. The trend remains higher until further notice. That tune hasn't changed for quite some time. GE lost 6 cents on average volume. Nothing new to report there. Gold lost $7 and the XAU gained 1/4. ABX and NEM had fractional gains, while GG lost 1/2. Volume was good. The dollar lost some ground today and gold was down. It appears that the flight to safety trade continues to be unwound. If rioting in the streets of Egypt can't help find a bid for the dollar and gold, than what can? That said, I put in an order for some February ABX calls. I would still like to try this trade if I get the chance. However it must be done on my own terms. We'll see. Mentally I'm a bit tired, did not sleep well. February begins tomorrow and we should see the beginning of the month money flows. Bernanke speaks later in the week and we have Fridays employment report to look forward to. We'll take it one day at a time and see what happens.
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