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Wednesday, June 21, 2006

The Dow rose 104 points on good volume. Advance/declines were 3 to 1 positive. So maybe a good summer rally will begin. I still don't think the summation index has turned positive but another day like today and it will. It seems to be a lack of sellers lately. Gold was up 8 bucks again and the XAU rose over 5 points. The volume wasn't all that great here but perhaps I need to adjust my volume expectations for gold. Just a thought. We have broken the downtrend line in the XAU. I suppose I could look to get long on a snapback to that line. Gold itself is at $590. I'd like to see it build a base but perhaps it won't. Time will tell. Mentally I'm in standby mode still. Same scenario with a vacation coming up and an extra week on the option cycle. So let the summer begin. I'll try not to take on any trades for now and see what happens. Fed meeting next week and I suppose that will set the tone for the week. Otherwise, I'm just gonna take it easy.

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