Monday, May 06, 2013
A mixed market to begin the week as the Dow fell 5 points on light volume. The advance/declines were positive. The NASDAQ and S&P 500 were higher on the day. The trend remains up. The summation index is moving higher. I would expect the Dow to close above 15000 at some point this week. I have no OEX trades in mind for now. May consider the puts again at some point before expiration. GE was flat on the day and the volume was very light. No trades here for now. Gold was a a few bucks on the futures and the US dollar was higher as well. The XAU was flat on the session. ABX gained 1/3 on good volume, while GG and NEM were little changed on light volume. Could be a week for consolidation in the gold shares but that is simply a guess. My October ABX calls continue to show a profit. Mentally I'm feeling OK. Just a pause in the rally today for the stock indices. Not much in the way of economic data out this week. We should drift higher in my opinion. Today the Dow transports confirmed the new high in the Dow. Gold has had a nice run higher since the crash 3 weeks ago. I'd still expect the recent lows to be tested at some point here though. Not sure how long I'll hold on to the October ABX calls. However if the low has been put in there, we should see a bullish monthly candlestick for May. We'll keep an eye on the foreign markets overnight and go from there.
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