Wednesday, March 21, 2012
2 down sessions in a row as the Dow fell 45 points on light volume. The advance/declines were just about even. The overall market was stronger than the Dow again. Despite the lower prices we're still short term overbought. It seems like we are simply meandering around in the stock indices this week so far. Not a lot of economic data out to drive prices. I don't expect any major decline to be in the works but what do I know? Summation index still heading lower. GE was flat today on average volume. I'm still considering the May 20 calls there at the price I'm willing to pay. Gold was up a few bucks today but closed off of its highs. The US dollar was slightly higher. The XAU was flat on the day. ABX and GG were off about 1/8, while NEM fell 1/2. Volume was average. I still have the open order in for the ABX April calls but I may cancel it tonight. I'm still considering the May calls there as well. Feels like the gold shares are trying to make a stand here at 175 on the XAU. If we don't hold here, gold and the gold shares will be heading much lower. My thinking is that this level will hold and we'll see some type of multi-week rally. We'll see. Mentally I'm feeling OK, slept well enough. A couple days to the downside in the stock indexes but no real technical damage. I'm guessing the rest of the week will be relatively quiet. Not much else to report today.
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