Wednesday, November 19, 2014
A sell off early but the market almost made it all the way back. The Dow fell 2 points on average volume. The advance/declines were negative. Still overbought and still staying that way. The market is trying to make up its mind I suppose. Declines are being purchased and that is expected. I'm on the sidelines with regards to the OEX until a decent signal appears. I don't know when that will occur. GE was off a few cents and the volume was good. No trades here until we see a pullback. Gold was off a few bucks in the regular session but lost another $10 in the aftermarket. The US dollar finished the day with a slight gain. The XAU got crushed and lost almost 4 points. It appears the bullishness for gold has been lost in a day. ABX and NEM fell over 3/4, while GG dropped 1 1/4. Volume was good to the downside. Unless we see a turnaround in the gold shares tomorrow, the advance here is probably over. My ABX January calls are still showing a profit but have lost some value. Mentally I'm feeling OK. More of the same for the stock indexes. Going nowhere fast really. Sometimes patience is required and we have arrived at one of those times. Holiday week coming up as well. Gold had a good drop today and with volume. That isn't good sign for the bulls. I am going to have to consider selling the ABX January calls sooner rather than later. We'll keep an eye on things overnight and go from there.
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