Thursday, March 20, 2014
Back and forth for now as the Dow gained 108 points on average volume. The advance/declines were just about even. Trying to figure out the next trend. My guesses for now are either a drift higher or a nasty decline due to the potential megaphone patterns in some of the stock indices. Of course sideways at this time of year has been known to happen too with the looming tax day deadline in April. Let's just say that I have no good technical signals at the moment so I'll have to wait it out. I wish things were clearer but at the moment they are not. At least not to me anyway. GE finished flat on the session and volume was the same as yesterday. No trades there for now. Gold was off $10 on the futures but that reflected yesterdays aftermarket losses. The US dollar continued higher. The dollar has rallied strong off of its support and that should put a lid on gold for the time being. The XAU added 1/4. ABX, GG and NEM all opened the day lower but finished little changed. Volume was average. We've had sharp losses here this week. Any purchase of calls for these issues is now on hold. But I still like the ABX call idea in the future. Mentally I'm feeling OK. Expiration Friday tomorrow. We'll just have to let the market tell us what to do in the coming days. Rolling into the April option cycle next week so the premiums will be expensive. No real hurry to do anything really without a decent technical signal. The Fed is out of the way but it seems the tone there may have changed. Or has it? The Ukraine situation also seems to be over for now. So sit tight and be patient. Gold has had a rough week for the bulls. The fundamentals here changed once the taper process began. There still can be rallies to trade though as the beginning of this year showed. But for now expect lower prices in the near term. We'll close out the week tomorrow.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment