Thursday, April 19, 2012
A mostly down session today as the Dow fell 68 points on average volume. The advance/declines were negative. The summation index continues lower. The stock index technicals remain mid-range. We still could go either way here. If we do start to fall and get a positive divergence on the McClellan oscillator, that would be a decent buy signal in my opinion. Or the market could simply continue higher from here. I think that for now it's still a toss up. GE was flat on the day and the volume was pretty good. The earnings out tomorrow will probably set the trend for the stock indexes for the day. The technicals here are neither overbought or oversold. Any position in GE held now has a lot of risk. Gold was up a couple bucks on the futures and the US dollar bounced around but finished the day basically unchanged. The XAU was up early but closed the day with a 1/4 point loss. ABX off 1/8, GG was up 1/2 and NEM off a touch. Volume for the gold shares was nothing special. My ABX May calls continue in the red as the time decay occurs. I'm going to at least hold on here until at least next week. Oversold both short and medium term for the gold shares but they haven't rallied. The market will do what it wants. Mentally I'm feeling tired, did not sleep enough. Expiration Friday tomorrow. We'll get through that and wait for next week when we get the Fed, 1st quarter GDP and some gold share earnings. Patience is required sometimes.
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