The Dow climbed 95 points today on once again good volume. The advance/declines were positive. The pick up in volume is interesting as we had seen lower than normal volume in the marketplace for months. It makes me a believer in higher prices yet to come. The summation index continues higher. TRAN continues to be a strong performer as well. The only caveat from today was that the Dow led things to the upside and that isn't always positive. We also remain pretty overbought on a short term basis, so some sideways price action would be welcome. GE bounced back 1/4 today but the volume was lighter. Very overbought here as well. Gold had a positive session. The precious metal futures were up $16. The US dollar was off just a bit. The XAU rose 3 2/3, hovering around the 50 day moving average. ABX up 2/3, GG rose a buck and NEM added 1/3. Volume was good, especially for NEM. The price action for NEM here isn't as positive as the other 2 and I don't know why. It's something to keep an eye on. Gold has had a nice couple of weeks so far but we'll have to see if it can build on that. Mentally I'm feeling OK. Everything looks OK for higher prices moving forward. Overbought and staying that way. This condition can last a while as it has before. You can't fight the trend and the trend is up. Gold and the gold shares have picked up the past 2 weeks. GG reported earnings today and it was viewed as positive. Perhaps we'll get similar results from ABX and NEM next week. Time will tell on that. My November ABX calls are still solidly in the black for now. We'll keep an eye on overnight developments and close out the week tomorrow.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment