Tuesday, November 29, 2011
The Dow continued higher today with a gain of 32 points on light volume. The advance/declines were about even. The overall market was weaker than the Dow. We were in positive territory for much of the day. Working off the oversold condition but it doesn't look like some type of sustained rally yet. End of the month tomorrow. Still a headline driven marketplace. GE was up 1/8 on average volume. My calls here are in the red. No hurry one way or the other for this trade. Gold was up $5 on the futures as the dollar lost ground again. The XAU gained 1 1/2. ABX up 3/8, GG rose 5/8 and NEM was flat at the close. Volume was weak. I'd still like to try the calls for the gold shares but I'm trying to be patient. Perhaps if we take another leg down here, I'll get the January calls. We'll see. Mentally I'm feeling a bit tired, did not sleep enough or well. Kind of a blah day in the markets today. Perhaps the end of the month tomorrow will liven things up. Or we could be entering a period of wait and see as we head into December. The summation index is still implying lower prices for now. That could change with another strong up day. More oversold than overbought on the short term here for the stock indices. I'll keep an eye on GE and the gold shares and take it from there.
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