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Wednesday, April 23, 2014

A pause today as the Dow fell 12 points on light volume.  The advance/declines were slightly negative.  As expected the stock indices need to take some kind of rest here to work off the short term overbought condition.  How deep the drop goes will give us a good indication of the condition of the market.  The shorter the drop, the more bullish things will be.  So we'll see.  GE was off 1/8 or so.  Comfortably above the 50 day moving average here.  Not much doing in the gold futures or the US dollar today.  Both finished the session little changed.  Interesting though is that the XAU found some buyers and rose 1 3/4.  Perhaps the gold shares here will indeed lead the price of the yellow metal.  ABX and GG gained 1/4, while NEM rose 7/8.  Volume was light however.  My May ABX calls are still showing a small profit.  Mentally I am tired as I was in meetings all day and not in my usual routine.  The post will be shorter today due to that.  It was a quiet session in most markets today and I would expect that to continue for the rest of the week barring some unforeseen developments.  I'm going to leave it at that for today.  We'll keep an eye on the overnight session and go from there.

2 comments:

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BIGPROFITBUZZ said...

BigProfitbuzz is an Indian stock market advisory firm. BigProfitbuzz proven month after month that trading and investing in stock market can be profitable whether market is bull or bearTRADING, STOCK TIPS The NIFTY is showing a very strong buy side but it will be very risky to buy on a higher level due to high stoploss. So we suggest all the traders to make a buy position in NIFTY around 6600-6700 with stoploss of 6500 for the target of 6900-7000.This will be the best strategy for this kind of market. Traders can also make a buy in NIFTY 50 stocks according to the NIFTY levels. We believe in less call but good call. For further update you can visit our website. You can also fill our two days trial form on our website to check the accuracy of our calls.
Regards
BIGPROFITBUZZ TEAM