Friday, November 30, 2012
Another choppy session as we were negative for most of the day. The Dow managed a gain of 3 points on better than average volume. The advance/declines were positive. We basically ended the month in a holding pattern. The summation index continues higher but we remain overbought in the stock indices. We've had an OK rise since the lows of November but I don't see any big moves one way or the other coming up. But what do I know? The market as always will go where it wants. I think we need to see some kind of decline before we can move higher. GE was flat on the day with average volume. The short term up trend line remains intact here. Gold fell again today, off $16 on the futures. The US dollar finished trading unchanged. The XAU dropped 1 2/3. ABX and GG had fractional losses, while NEM was flat on the day. Volume was light. My January ABX calls are still in the red. I'll need to see some positive price movement from ABX in the beginning of December or this will be another loser. Oversold on a weekly basis for ABX. The daily technicals are about mid range. Mentally I'm feeling OK. We are on to December. The so called fiscal cliff is all over the media but it is just talk. We need to listen to the markets. Overbought right now but we could stay that way if this rally is for real. The jury is still out on that. We should see some positive beginning of the month money flows for stocks. Gold had a negative week and we will need to see it turn around next week to negate the bearish engulfing pattern on the weekly candlestick chart. That is something to keep an eye on. Plenty of economic data out next week topped off by the Friday employment report. I'll be going over the charts this weekend as usual. For now it's Friday afternoon and time for a break.
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