Wednesday, November 27, 2013
More of the same today as the Dow rose 24 points on light volume. The advance/declines were almost 2 to 1 positive. The market is in holiday mode and prices should drift higher. We still have a shortened Friday session to get through to finish out the week. Overbought and staying there for the stock indices. The small stocks are leading the way again. Today should turn the summation index higher. No end in sight for the rally. GE was flat on the day and the volume was light. Still no trade here yet for me. Gold was off $3 as the US dollar had just a bit of strength. The XAU was up 1/2. ABX, GG and NEM were all little changed on the day with light to average volume. I'm still considering the January calls for GG or NEM. However I will not attempt this trade until December, if at all. Still no love for the gold shares. Mentally I'm feeling OK. Not much else to report today. The major players will be off for the rest of the week. It's time to sit back and come up with a strategy for the rest of the year. I'd expect prices to continue to trend higher barring some kind of surprise. Gold continues in its downtrend. It's probably best to wait for the $1200 level to try and get long there. Enjoy the Thanksgiving holiday.
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