Friday, March 30, 2012
We closed out the week and the month on a positive note as the Dow gained 66 points today on light volume. The advance/declines were positive. The overall market was weaker than the Dow and the summation index is still moving to the downside. I still think that we'll be moving higher here but that's a guess as usual. Beginning of the month money flows should help the bullish case for the beginning of next week. GE was up 1/8 on light volume. Moving sideways there now for the most part. I'm probably still going to be a buyer of the May calls before the earnings announcement in April. Gold gained about $15 on the futures today as the US dollar was lower. The dollar almost broke a near term support line today but has strong support at the 78 level. The XAU was up 1 2/3. ABX rose 1/3, GG up 2/3 and NEM was a touch lower on the day. Volume was light. My April ABX calls are still in the black. However GG is once again showing much better relative strength and I really should have purchased the calls there instead. There is a possible positive RSI divergence for ABX on the daily charts though. We'll have to wait and see if that plays itself out to the upside as it normally would. Mentally I'm feeling tired, did not sleep well again. We had some selling this week but the stock indices still managed to make some gains. The trend remains up as it has been for months now. A holiday shortened week coming up, with the employment report due on the holiday with the markets closed. That could be interesting. I'm in another ABX April call trade and I'll have to figure out what exactly to do there this weekend. I would like to try the May gold share calls as well. We'll see. I'm still on the back-up computer and these issues should be taken care of sometime next week. For now it's Friday afternoon and time for a rest.
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