Thursday, February 14, 2013
Another mixed session as the Dow lost 9 points with the overall market a bit higher on the day. The advance/declines were about even and the volume was good. Still just moving sideways on most stock indexes and the summation index as well. Overdue for some type of decline but even if we get one it will probably be short lived. Expiration Friday on tap tomorrow followed by a long holiday weekend. Not much else to report for now. GE was up a couple of cents on good volume again. I think we are at the end of a 5 wave move here on a daily basis. However we have broken through the $23 level om good volume. I'd expect higher prices going forward perhaps after a small decline. Just a guess as usual. Gold fell again today and support levels have been broken. The gold futures were off almost $10. The US dollar had a strong day. The XAU was up 1/2 but fell off from higher levels. ABX gained 7/8, while GG and NEM had fractional losses. ABX rallied on its earnings report and the volume was heavy. However it more than cut in half the original gain for the day. I was able to get rid of my February ABX calls for a 99% loss. They could have expired worthless too. The result is the same, losing trade. There is no love for the gold shares. Gold itself has resumed its decline and I suppose $1550 is the next support. Mentally I'm feeling OK. The smaller stocks along with the financials continue to move higher. That is bullish for the overall market. I would expect the major averages to move higher as well. Calls are still the place to be in my opinion. Gold is heading lower and we are moving to the seasonal weak month of March there. No trades in mind right now. On to Friday.
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