Monday, November 12, 2012
A semi-holiday today as the banks and bond markets were closed for Veterans Day. The Dow drifted all session and finished the day basically unchanged on very light volume. The advance/declines were slightly negative. Still trying to hold or bounce from the important 1380 level on the S&P 500. Where we move from here will be worth watching. Still oversold on the short term technicals for the stock indexes. GE fell 1/8 on the same very light volume. No trades there for now. The gold futures were flat on the day and off a bit in the aftermarket. The US dollar didn't do much today either. The XAU however fell 2 3/8 as it is now under performing the precious metal itself. ABX, GG and NEM all had fractional losses on very light volume. I'm leaving in my open order for the January ABX calls. Not sure if it will get filled at the price that I'm willing to pay. Mentally I'm feeling OK. Option expiration week and all the players should return tomorrow. The Dow transports rallied today and perhaps the overall market will follow tomorrow. Summation index still heading lower though. It's anybodies guess as to what happens this week. We'll watch the overseas markets tonight and go from there.
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