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.
Monday, 1 October 2012
A mixed market today despite the 78 point rise in the Dow. The NASDAQ showed a slight loss. The advance/declines were positive. Volume was light. We should be seeing a rise here in my opinion, ahead of the employment report on Friday. But the action lately has been sloppy. The summation index continues heading lower. I'm sticking with a bullish stance unless we break the uptrend line in the S&P 500 at 1420. GE was up 1/8 on average volume. As long as GE continues higher it should bode well for the stock indices. Gold was up almost $10 on the futures today as the US dollar was lower. The XAU rose 1 1/8. ABX and GG showed slight gains, while NEM had a fractional loss. Volume was light. I'm still considering the October gold share calls but have not put in another order just yet. I may go out to November here. Mentally I'm feeling OK. It's never a good sign when the Dow is the strongest index and the over the counter market lags. That's what we got today. It's a short term negative in my opinion. The technicals here are getting mixed, which makes for a tough directional call. But like I said before as long as 1420 holds on the S$P 500, I'll still look for higher prices. It's still a presidential re-election rally for now. Gold is still above the uptrend line from mid-August. The short term technicals for gold remain overbought. We'll check the overseas markets overnight and go from there.
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