Thursday, March 14, 2013
Another new all time high for the Dow and the S&P 500 is right on the cusp of doing so as well. The Dow gained 83 points on average volume. The advance/declines were 2 to 1 positive. The summation index continues higher. The positive expiration week bias remains. I'm still a believer that we are in the last legs of this uptrend that began November 2012. However if the RSI daily indicator for the S&P 500 powers up to a new high, I will be wrong in my assumption. Hasn't happened yet. We'll see if we get some follow through upside in the stock indices tomorrow. GE was up almost 1/4 on average volume. No trades there for now. Gold was up a couple of bucks on the futures. The US dollar took a hit today but gold itself did not respond. That isn't bullish going forward. The XAU was up 1 1/3. ABX was flat on the day after being higher earlier, while GG and NEM had fractional gains on the day. Volume was average. Still no signs of life for the gold shares. My ABX calls remain solidly in the red. Perhaps I will have to book the loss earlier than I expected. I'll give it another week most likely. Mentally I'm feeling a bit tired, did not sleep well. It's up, up and away for the stock indexes. How long can this go on? Usually longer than anyone thinks. I still believe that we are in the top of the ninth in a nine inning ballgame. Time will tell on that. Gold remains dead money. The gold shares remain total under performers. My trading remains poor at the moment. We'll wrap up the March option cycle and the trading week tomorrow.
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