This Stock Blog gives insight on daily stock market trading as well as stock trading analysis. We also list stocks to buy, top stocks, stock picks, and the best stocks to invest in 2013/2014.
Thursday, 5 April 2012
Kind of a waiting game for the stock market today as the Dow fell 14 points on holiday light volume. The advance/declines were negative. Summation index still heading lower. The technicals for some of the stock indexes are finally getting oversold on a daily basis. However tomorrows employment report should set the tone for the open on Monday. I have no idea what that will bring. We'll see what happens in Europe tomorrow, have a long weekend and go from there. GE was off 1/4 today on light volume. The weekly charts appear to have rolled over here. That would not bode well for the overall market if it continues. I will have to reassess my idea for the May calls here. Getting oversold on the daily charts. Gold bounced back a little over $15 today and the US dollar was higher as well. The XAU was off 1 3/4. ABX down 5/8, GG fell 1/3 and NEM dropped 3/4. Volume was still pretty good despite the holiday mode of the markets. The gold shares are very oversold and the Gold/XAU ratio is off the charts to the buy side. I will have to consider getting the calls here again but that hasn't worked lately. Mentally I'm feeling OK. I will be going over the charts this weekend and try to come up with some type of game plan for next week. 2 weeks to go in the April option cycle. My trading hasn't been very good lately and that will have to change for the better. It's a long weekend and time for a rest.
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