Thursday, October 18, 2012
A bit lower today as the Dow fell 8 points on good volume. The advance/declines were slightly negative. The summation index is heading higher. The overall market was weaker than the Dow. Getting short term overbought on the technicals for the stock indices. That doesn't mean that we can't go higher though. The NASDAQ had a big dip thanks to Google. I'm not sure that means anything going forward. I still think that the presidential re-election rally is in place. GE was off 1/8 on average volume. The earnings should be a factor tomorrow. I have no idea what will happen there. Todays daily chart candlestick was bearish though. Gold fell about $8 on the futures as the US dollar was higher. The XAU fell 5 points and closed practically on its low. That's bearish going forward. ABX, GG and NEM all lost a buck or more on what passes for average volume lately. I dropped the strike price on my open order for the January ABX calls. I would ideally like to purchase some gold share calls next week. I believe that we'll see some overall market weakness next week and the gold shares should follow. I could be wrong. That is the game plan at the moment. Mentally I'm feeling a bit tired. Expiration Friday on tap with a bunch of earnings reports as well. Perhaps we'll see some volatility. Otherwise it's a wait and see mode for me at the moment. I might switch to the December gold share calls but that is something that I'll consider over the weekend. We'll see what comes out of Europe overnight and go from there.
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