Tuesday, May 10, 2011
Continuing higher today as the Dow gained 75 points on light volume. Advance/declines were almost 3 to 1 positive. The summation index has turned back to the upside. I'm still looking for higher prices here the only fly in the ointment would be the volume so far. It has been anemic. Still, it is looking like last weeks sell off is done. GE was up 1/4 on light volume. Still basically moving sideways here, no trades in mind. Gold was up $13 on the futures today but the XAU fell 7/8. ABX and NEM were both flat. GG lost 1/2. Volume was light here as well. I'm going to wait a couple of weeks here before trying the gold share calls again. That is the game plan at the moment. The Gold/XAU ratio is still at a screaming buy. Did not work when I tried it though. The dollar lost a bit today. Mentally I'm feeling a bit tired. The OEX calls have moved up a bit since last week but not as much as expected. We are still in an area of being not overbought or oversold. I am leaning towards higher prices for the stock indices into early next week. If we do see some weakness in the next couple of days, I am not sure if I'll try the calls or not. Stay tuned.
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