Friday, December 02, 2011
We opened higher and were positive for the whole day but by the close we were basically unchanged for the day. The advance/declines were positive and the volume was average. We were up over 100 points in the morning. The employment report was in line with expectations with a surprise drop in the jobless rate. We won't discuss how the government can massage the numbers. We only care about making money via trading. We are now short term overbought on the stock indices. Unless Monday is a solid up day, we are looking like a short term top is in place. Any weakness can be bought in my opinion. GE was up fractionally on average volume. My calls are still in the black. Gold was up $10 on the futures even with strength in the US dollar. The XAU however fell 5 1/2 points. I'm not sure what that's about. ABX and NEM were off 1 3/4, while GG lost 2 1/8. Volume was average. I would still like to get some January gold share calls but todays price action doesn't fit with what was expected near term. I will have to reconsider things as I look at the charts over the weekend. Mentally I'm feeling tired, did not sleep well or long enough. It was a very positive week for the stock indices. The summation index has not turned up just yet but I believe that it will soon. I think we could be lower early next week but I feel the trend has turned back up for the stock markets. I could be wrong. I'll be checking the charts over the weekend to try and come up with a game plan for the gold shares. The sun is setting on Friday afternoon and it's time for a rest.
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