Monday, November 11, 2013
A semi-holiday in the US today as the Dow rose 21 points on light volume. The advance/declines were slightly positive. The summation index is still heading lower. Not a lot of economic reports for option expiration week. I'd expect a drift higher for now and perhaps that will turn the summation index back to the upside. It is something to keep an eye on. GE lost a nickel and the volume was very light. The short term technicals remain overbought here. Gold fell 3 bucks on the futures and the US dollar was a bit lower as well. the XAU was up 1/4 after being lower early. ABX, GG and NEM basically finished the day flat. Volume was light. The short term technicals here are oversold. I have no trades in mind for the gold shares at the moment. Mentally I'm feeling OK. Not much to report on todays market action. The banks were closed and the major players took a long weekend. There is nothing of note to move the market this week. It should be a slow grind upwards into the expiration but that's a guess as usual. With only 4 days in the November cycle and no clear signal, I'll be on the sidelines. Gold remains in a down trend and an unwanted asset for now. The threat of higher interest rates and a stronger US dollar as the fundamentals doesn't bode well for the bullish cause. We'll follow the overseas action tonight and go from there.
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