Friday, April 01, 2011
The employment report came and went. The Dow continues higher, up another 57 points. We were up almost 100 during the trading session. The advance/declines were over 2 to 1 positive and volume was average. Overbought, staying that way and it's back to the same old broken record. The indices are going higher. Any type of pullback can be bought. You cannot argue with the market. GE was up about 1/3 and broke through the daily downtrend line. I'll be looking for some April calls here if we get some decline. Might not happen. I have some interest in the April 20 calls if I get a chance. We'll see. Gold lost around $10 today and the XAU fell 1 3/4. The gold shares had fractional losses on the day on the usual light volume. Gold itself had a gap down at the open and steadily came back all day. It seemed to follow the US dollar, which was higher early and closed the day unchanged. With the decent jobs report it would have made more sense for some type of dollar rally today. Didn't happen. I'd still like to try some gold share calls for May however we are still overbought there. Again, if we get some type of pullback here as well, I will attempt to put on a trade. Mentally I'm feeling OK. Another good week for the stock indices as the Japan debacle seems to fade into the distance. Money is finding a home in stocks. The trend is up and there is no need to fight it. 2 weeks to go in the April option cycle. I'll hopefully be able to take advantage of something on the long side. For now though it's Friday afternoon and time for a rest.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment