Pageviews past week

Wednesday, February 16, 2011

Higher we climb as the Dow gained 61 points on average volume. The advance/declines were almost 3 to 1 positive. Most of the major indices are setting new highs. There are no negative divergences. The news, economic or otherwise, doesn't seem to matter. Money is and has been moving into stocks. Until something occurs to derail this freight train, the trend is up. There is no fighting it. GE was flat today on light volume. The uptrend line comes in at around 20 1/2. We're about at 21 1/2 now. So if we somehow drop a point, the March calls might become the next trade. Gold was up a buck today and the XAU rose 1 1/2. ABX up 1/2, GG up 1/3 and NEM lost a touch. Volume was light. I did consider buying some ABX calls today ahead of the earnings announcement tomorrow but didn't. There was plenty of volume in the options though. Tomorrow will be interesting there. The dollar was lower today but the metal itself didn't rally. There were also more reports of instability in the Middle East. Gold and the gold shares are overbought but as we have seen lately with the stock indices it doesn't seem to matter. Mentally I'm feeling OK. The market continues its relentless climb. ABX earnings tomorrow.

No comments: