Wednesday, March 27, 2013
The Dow started off to the downside and stayed there all session. The Dow fell 33 points on light volume. The advance/declines were positive. That reflects the overall market being stronger than the Dow today. All the stock indices opened the day much lower and the NASDAQ made it all the way back into positive territory. Perhaps the S&P 500 can make it to a new all time high tomorrow. Still just moving sideways on the stock indices. It has the feel of wanting to go higher but it is a light volume holiday week that concludes tomorrow. GE was flat and the volume was light. No trades here for now. Gold was up almost 10 bucks on the futures despite a stronger US dollar. Perhaps the flight to safety trade isn't over yet. The XAU was up by 2 1/8. ABX, GG and NEM were all up at least 1/2 on OK volume. We have yet to see a sustained rally in the gold shares for some time. Mentally I'm feeling OK. End of the week, month and quarter tomorrow before a long holiday weekend. Still overbought on the short term stock index technicals. I'm still looking for the end of the rally here even if the S&P 500 makes a new all time high. Gold continues to try and hold on in the $1600 range. The gold shares continue to under perform. We'll keep an eye on the overseas markets tonight and see how we finish things tomorrow.
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