Wednesday, May 21, 2014
The uptrend line for the Dow held for now as the Dow gained 158 points on light volume. The advance/declines were 2 to 1 positive. Got the Fed minutes out of the way and we chugged on higher. Nothing to stop another run to new highs I suppose. However the volume remains light to the upside and that is a concern. Patience for now but I will be looking at the June OEX puts in the future. Until then it is a sit and wait attitude. GE was up 3/16 on very light volume. No trades in mind for GE. Gold was off six bucks on the futures but came back a bit in the aftermarket. The US dollar gyrated during the session but finished little changed. The XAU was flat. ABX and GG had fractional gains, while NEM was flat. Volume remains very low here. Nothing has changed with regards to the sideways activity for gold and the gold shares. Mentally I'm feeling OK. Churning around for the stock indices but we really aren't getting anywhere. A holiday weekend coming up as well so I don't expect anything major happening in the next couple of days. I'm on the sidelines for now. Plenty of time to do something in the June option cycle. It isn't always easy to sit and wait but what can you do? When things do get going there should be some opportunities to take advantage of. Gold is either building a base for a solid upside move at some point or making a ledge that it will drop off of. We'll have to wait and see what happens there and get on board when it does. As always we'll follow the foreign markets overnight and go from there.
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