Tuesday, November 26, 2013
We were higher for most of the day before selling off right at the end. The Dow finished basically unchanged for Tuesday. The advance/declines were positive and the volume was average. The summation index is tracking sideways at the moment. The small stocks acted well today and that bodes well for the bulls in the future. Tomorrow and Friday should be very lightly traded sessions and I do not expect a lot of price movement. It is time to be patient. GE was little changed but the volume was average. Waiting for an oversold condition here. Gold finished unchanged on the day for the futures but did bounce around. The US dollar was lower. The XAU fell 1 7/8. ABX off 1/8, GG off 2/3 and NEM dropped around 3/4. Volume was light. I had thought perhaps yesterday we had seen a possible reversal for the gold shares but no. The selling there continues. The gold shares are cheap but they can always get cheaper. Mentally I'm feeling OK. Just waiting for this week to pass by really. Sometimes you have to stay on the sidelines. The rest of this holiday period is a good time to do that. We'll see more action next week with the beginning of the month and the employment report. Gold remains unloved and a negative asset for now. The gold shares are approaching the lows for the year. I'll probably try the January calls there sometime in December. That is the idea for now. Expect slow trading for the remainder of this holiday week.
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