Monday, December 30, 2013
A mixed bag today as the Dow gained 25 points on light volume. The advance/declines were barely negative. The overall market was weaker than the Dow. I thought the main players would return this week but that is not the case. We are still in holiday mode. Perhaps things will change with the new year on Thursday. Still technically overbought and staying that way. I do expect some kind of push higher for the beginning of the new year. After that, who knows? GE gained a few cents on light volume. No trades in mind here for now. Gold fell $10 on the futures and a bit more in the aftermarket despite a weaker US dollar. I would think that the year end selling would be over here but maybe I'm wrong again. The XAU fell almost 2 points. ABX off 1/3, while GG and NEM dropped 2/3. Volume was almost average here despite fewer players. I may try the January gold share calls tomorrow on weakness if we get any. Oversold on the technicals but not all the way yet short term. We also could be starting another leg down for gold and the gold shares as well. Mentally I'm feeling OK. It is beginning to look like this week may be a light volume holiday affair as well. It makes for tough trading. I still think that we'll see plenty of cash flow into stocks the first couple of days for 2014. I'm guessing that some of that money will go to the gold shares as well. I could be wrong. After such a lousy 2013 trading year, I'd like to start next year off in a positive fashion. The game plan at the moment is to get some January gold share calls tomorrow and then sell them by the close on Friday. I'll rethink this idea overnight.
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