Tuesday, January 18, 2011
We started the week with a gain of 50 points on good volume. Advance/declines were positive. We continue to grind higher. Nothing has changed with that respect. The summation index moves higher as well. 3 days left for the January option cycle. I will hopefully not attempt any trades for January. GE lost 22 cents on good volume. Earnings are due on Friday. GE has been moving higher for quite a while. Perhaps it's time for a rest. It sold off on the last earnings announcement 3 months ago. Gold was up $7 today and the XAU rose 2 3/3. ABX up a buck or so, GG up 1/3 and NEM up 7/8. Volume was average. The dollar lost a bit of ground. I am looking at the February option cycle for the gold shares. We are short term oversold. However I believe that we need to have some sideways movement for a period of time before we move higher once again. I could be wrong. No trades there for now. Mentally I'm feeling a bit tired. My constant meetings environment is over. I can now get back to focusing on the markets in the way that is required. I don't have any solid ideas at the moment but that will change as I get back to normal. The trend remains higher.
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