Thursday, November 29, 2012
A choppy session today as the Dow finished the day with a gain of 36 points on light volume. The advance/declines were over 2 to 1 positive. The summation index continues higher. Overbought both short and medium term on some of the technicals for the stock indices. The over the counter stocks are outperforming at the moment and that usually means higher prices going forward. However we need to work off some of the overbought condition before going higher in my opinion. I do not think that this will be a straight line up, it rarely is. GE was flat on the day and the volume was light. No trades in GE for now. The gold futures rose $10 today as the US dollar was slightly weaker. The XAU was up 1/2. ABX, GG and NEM moved fractionally one way or the other on very light volume. Not much action in the gold shares today as we are just trying to close out the month here. My January ABX calls remain in the red. Mentally I'm feeling a bit tired, did not sleep well. November will close out with the trading tomorrow. A lot of price movement during the month but not much progress either way for the stock indexes. We'll have to wait and see what happens in December. Gold is going to end the month with very little progress as well. The gold shares however, were well off of their best levels for the month. This relationship needs to change if the January ABX call trade is going to turn a profit.
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