Tuesday, December 23, 2014
New highs every day as we closed above 18000 for the first time today. The Dow gained 64 points on light volume. The advance/declines were almost 2 to 1 higher. The summation index continues higher. The overall market was weaker than the Dow so perhaps a pause is due. Short term overbought as well for the major stock indices. However I'm still a believer in higher prices and declines are to be bought. GE was up over 1/8 and the volume was light. My GE March calls are still in the black. Gold was pretty much flat on the futures but dropped $5 in the aftermarket. The US dollar was up today and closed above 90. The XAU was off 1/2. ABX, GG and NEM all had slight fractional losses on light volume. I'm still considering a beginning of the year call trade in the gold shares but I flip flop on this idea with each passing day. USO was up today as oil had a positive session. Mentally I'm feeling fine. Light volume will be the environment for the rest of the week for stocks. The markets are in holiday mode. All the major players won't return until the new year. The trend for the stock indexes remains up and I don't see any changes in the near term. I'd still like to get some OEX January calls if we do get some selling. So it is a wait and see type of atmosphere for the rest of 2014. I expect it to be slow overnight but we'll still keep an eye on things.
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