Thursday, May 09, 2013
Really, the stock market can go down too? As sarcastic as that might sound, it seems to be the prevailing attitude at the moment. The Dow fell 22 points today on average volume. The advance/declines were negative. We're still very overbought both short and medium term for the stock indices. I've been saying that for quite some time now. Perhaps we are getting near to some type of consolidation or setback. However I am still of the thought that the market will run up into the May expiration. After that, we'll have to wait and see. The summation index continues higher. GE was off 1/4 on light volume. Hesitating here at the 50 day moving average. The gold futures were off $5 in the regular session, another $15 in the aftermarket. The US dollar had a very strong day to the upside. The XAU was off 1 2/3. ABX, GG and NEM were all lower by at least 1/2. Volume here remains good. If the US dollar begins to rally here, it will not help gold and the gold shares. My October ABX calls are still in the black but fell back pretty good today. Mentally I'm feeling OK. We had weakness in the second half of todays session and we'll see if that is bought tomorrow on the open. The trend remains up. I have no OEX trades in mind for now. Gold is moving sideways after a nice run up from the crash low. We'll see how that works itself out in the near future. The gold shares have acted better recently and that is a plus for the bullish cause. I still need to see how the month ends before I figure out what to do with the October ABX calls. We'll close out the trading week tomorrow.
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1 comment:
Jimmybees I also have a trading blog.
It is my trading journal extension. Check it out
http://reviewtrading.blogspot.com
Regards
Fernando
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