Thursday, April 24, 2014
A little volatility in the morning and then it was a drift. The Dow was flat on the day with light volume. The advance/declines were barely positive. Waiting on the next move one way or the other. The summation index continues to the upside. The overall market was stronger than the Dow and that is a positive. We'll finish up the week tomorrow. GE was basically flat as well with light volume. Gold was up $6 as the US dollar nudged down just a little. The XAU was down 1 1/4 though, which isn't bullish. ABX, GG and NEM all had fractional moves lower on average volume. Earnings due for NEM after the bell. The May ABX calls that I have are still very slightly in the black. A waiting game for this trade as the earnings are due next week. Mentally I feel OK. Not a lot of economic data was out this week and there hasn't been any unexpected news either. So it's a waiting game for the stock indices. It does however give the indexes a chance to work off the recent overbought condition. Whether or not that translates to higher prices remains to be seen. Gold is still trying to hold on to the $1280 level. There were some rumblings out of the Ukraine today but the response in gold was muted. We'll see how we close out the week for the precious metal. The gold shares did show some signs of life earlier in the week. How we finish out the week here will be watched as well. As usual we'll keep an eye on the foreign markets tonight and close out the trading week tomorrow.
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