Wednesday, November 21, 2012
A drift higher as the Dow gained 48 points on holiday light volume. The advance/declines were 2 to 1 positive. The summation index should now be moving higher. Not much to make of todays action. You have to simply sit tight and wait for next week for the markets direction. We are getting short term overbought on some technical indicators but not all. GE was flat and the volume was light. It is again the same wait around type of action. We'll see more of the same on Friday. Gold was up about $5 on the futures as the US dollar didn't do much today. The XAU gained 2 1/3. ABX, GG and NEM were all up around 1/2 and the volume was light. The gold shares did better than the metal today but you can't read much into that during a week like this. My ABX January calls are still in the red. Mentally I'm feeling OK. It is looking like a positive week for the stock indices but the volume is light. So I would expect some negative action perhaps sometime early next week. I'm not saying that we are going to fall apart or anything like that but we are not going to go up in a straight line. Gold has held up OK this week but I'd like to see another run at $1800 soon. I'll be holding on to the ABX January calls into December and then we'll see where things go from there. Enjoy the holiday.
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If I might --perhaps you should consider adding a few images. I dont mean to disrespect what youve said; its very enlightening, indeed. However, I think would respond to it more positively if they could be something tangible to your ideas. Keep it up, but put a little more into it next time.
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