Friday, November 29, 2013
Holiday light trading in a shortened session as the Dow fell 10 points. The advance/declines were positive. We dropped off in the last half hour after being positive for the whole day. You can't read anything into todays price action. The volume is too anemic. The small stocks were higher and that is bullish regardless. The trend is up and there is nothing in the way to derail that. GE was off 1/8 on light volume. Getting oversold on the daily technicals here and it might be time to start seriously looking at the January calls. Gold was up 6 bucks on the futures. The US dollar was little changed. Once again the dynamics here are that it was such a lightly attended session that there is nothing to read into the price action. The XAU rose 1 3/4. ABX, GG and NEM all had slight fractional gains on extremely light volume. December may be the time to try the calls again for the gold shares. I'm thinking about it. Mentally I'm feeling OK. Beginning of December coning up on Monday, with 3 weeks to go in the December option cycle. The stock indexes remain overbought on both a short and medium term time period. It's been that way since late October. Perhaps we'll see some consolidation before the new year but who knows? Momentum remains positive. Gold looks like it is trying to hold on to the $1240 level but that doesn't mean that it will. I think I'll wait for $1200 to be tested before I attempt another gold share call trade. I'll check the charts out over the weekend. It's Friday afternoon and time for a rest.
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