Friday, March 25, 2011
Still moving higher as the Dow gained 50 points to close out the week. Advance/declines were positive and the volume was light. A very positive week for the stock indices and the summation index has turned back to the upside. We are short term overbought and remain there. I think that we will see some weakness in the beginning of next week and that may be the opportunity to get long. We'll see. GE was flat on light volume. GE hasn't moved as much as the indexes in percentage terms this week and is a relative under performer. No trades there for now. Gold fell $8 today but the XAU only dropped 1 1/8. The gold shares were mixed with fractional moves on light volume. The dollar had a good day for a change. I canceled the open order for the ABX April calls. I'll perhaps try again next week. The dollar looks like it could be moving up from an extended oversold condition. That could prove problematic for gold. So I will have to try and figure things out over the weekend. Mentally I'm feeling OK. 3 weeks to go in the April option cycle. Next week could be the ideal time to put on a trade for April. I'll be checking the charts in the next 2 days to try and find something worthwhile. Friday afternoon now and time for a break.
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