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, 25 March 2013
Another day of marking time as the Dow fell 64 points on light volume. The advance/declines were negative. The overall market was stronger than the Dow and that is a positive going forward. Sideways now for a couple of weeks on the stock indices. Even if we get one final push for new highs in the S&P 500, that should be it for this rally. However I am more of a believer that we will break down from here. No important trend lines have been violated to the downside in the stock indices yet. Or I could be wrong in my assessment of the situation and we rally huge from here. But I doubt it. GE was down 1/8 on average volume. Sideways here for 6 weeks and counting. I have no trades in mind for GE at the moment. Gold was off a touch today as an agreement was hammered out for Cyprus to avoid total financial collapse. But they've come pretty close. The precious metal futures were off a couple of bucks after being down a lot more. Impressive, given the big day in the US dollar. The gold shares lagged as usual though. The XAU fell 1 1/2. ABX, GG and NEM all had fractional losses on light volume. My April ABX calls are still solid losers. One of the problems here is that while being stuck in a losing position, it takes away from what could be a time to look for other trades. Sure you keep an eye out on things but you always come back to the trade you're in. A little less than 4 weeks to go in the April option cycle. Mentally I'm feeling tired, did not sleep well. This week already has the feel of being a wash for the stock indexes. It is a holiday shortened affair with the end of the month and quarter. A lot of players will be out. Some economic data out in the next few days. But I don't expect any big swings in the stock indices. Likewise for gold. Overbought short term here but we could be in a holding pattern. We'll see.
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