Friday, March 02, 2012
It was downer all day today although the Dow only fell 2 points on very light volume. The advance/declines were 2 to 1 negative. The overall market was weaker than the Dow. Summation index still heading lower. Moving sideways now for major stock indices. The TRAN and the RUT have already rolled over. I'm not exactly sure what that means. GE was off 1/8 on light volume. Perhaps a trade will be viable when it reaches the 50 day moving average on the daily charts. But I'm more inclined to look for the next trade elsewhere. We'll see. Gold fell over $10 on the futures today as the US dollar had a strong day. The dollar looks like it has turned around here and that won't be bullish for gold. The XAU dropped 3 1/3. ABX off about 2/3, GG fell 3/8 and NEM down 3/4. Volume was light. Not completely oversold on the gold shares yet and there isn't a Gold/XAU buy signal. GG continues to show very good relative strength even when the gold shares are falling. Mentally I'm feeling OK. I still don't really have a good trading idea with two weeks left in the March option cycle. There isn't a decent signal one way or the other right now for the stock indices in my opinion. Hopefully that will change. I'll be checking the charts over the weekend to come up with some type of game plan going forward. For now it's Friday afternoon and time for a break.
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