Tuesday, November 05, 2013
A mixed market today as the Dow fell 20 points on average volume. The advance/declines were 2 to 1 negative. The NASDAQ was slightly higher today but the S&P 500 was down. The summation index is starting to trend sideways. Although the trend for the stock indices remains up it is starting to appear as though things are getting tired. Waiting on GDP and the employment numbers later in the week. Some of the short term technicals have rolled over so some kind of a decline here would not be a surprise. GE was flat on the day and the volume was light. No trades here for now. Gold was off 6 bucks on the futures while the US dollar was up just a bit. The XAU was lower by a point. ABX and NEM were little changed, while GG lost 1/4. Volume was light. I'd expect some movement from gold and the gold shares when we get the reports due on Thursday and Friday. I could make a case for either direction. Mentally I'm feeling OK. We've been in rally mode for about a month on the stock indexes. Earnings are just about done. It looks like the macro picture will be moving things in the near future. No noise out of Washington most likely until next year. The Fed is on hold. Technically we are due for a rest but as always, the market will go where it wants. Gold remains unloved and the direction is down. The weekly candlestick chart is bearish. Ditto for the gold shares unless there is some huge rally this week. That doesn't appear likely at this point. 8 days to go in the November option cycle. I don't have any pending trades. My confidence is at a low. I don't see any decent set ups anyway. It looks like that I will just sit back and try to regroup for the time being. We'll watch the foreign markets overnight and see what tomorrow brings.
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