Focused on Gold

 | Nov 07, 2011 | 10:38 AM EST  | Comments
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We did a nice job of ignoring Europe in the early going, but profit taking is kicking in now.

I'm puzzled by the data I'm seeing so far. Breadth is poor, but most major sectors are doing well. Retail, banks and precious metals are up, while technology stocks are acting poorly.

As I discussed Friday, the recent action has not felt as manipulated or lopsided -- and that has helped to create better-looking charts. We actually have some healthy consolidation, and we aren't seeing the V-ish action that tends to undermine chart patterns.

I'm focusing primarily on gold early on. My stock of the week, gold miner Gold Fields (GFI), is off to a good start, up 2.3% to $18.08. I am also watching Richmont Mines (RIC) in that group. It's up 3.2% to $12.76. Cheniere Energy (LNG) is setting up well after earnings this morning, and I am watching for momentum to pick up there. Flotek Industries (FTK), which I mentioned recently, busted out 8% this morning to $7.99.

Two that remain on my radar in the energy sector are C&J Energy Services (CJES) and Clean Diesel Technologies (CDTI). CJES has earnings later this week and I'm looking for that to attract attention based on the very strong numbers there.

It is choppy and we have to stay selective but there is speculative action that makes for better trading.

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I suspect volume will evaporate after lunch. Its a great day NOT to trade.



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