Wednesday, November 06, 2013
The Dow led the way today as it rose 128 points on average volume. The advance/declines were slightly positive. The small stocks were lower again today. Breadth hasn't been as good lately and the TRAN was down today as well. It looks to me as if a decline is right around the corner. The summation index though moving sideways, could turn down at any time. We are due for a decline, the technicals are overbought and some big reports are due in the next 2 days. We'll see what happens. GE was up 1/2 and the volume was really good. GE is not pointing to any market weakness if it is a precursor for coming events. Gold gained $10 on the futures today as the US dollar was a bit weaker. The XAU gained a point. ABX was flat on the day, while GG and NEM rose around 1/2. Volume was heavy for ABX. I don't know why. The upcoming dilution of the stock does not make it attractive. It does look like the technicals for the gold shares are starting to turn up though. Mentally I'm doing as well as can be expected considering going to the dentist today. You cannot discount the effect that outside influences have on your trading. The game is difficult on its own. You really have to be in a good frame of mind to get the best results. Obviously some days are going to be better than others. Knowing yourself and keeping yourself under control cannot be under estimated. Considering my confidence level is pretty low here, attempting another trade before the November expiration probably isn't a good idea. The Dow hit a new high today. When the Dow is leading the way, it is getting late at the party. I think a decline will start at any time now. It also looks like gold has a chance to turn around here as well back to the upside. But that is just a guess as usual. The dollar just got short term overbought as well. We'll see how the market reacts to the GDP report and go from there.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment