Wednesday, July 16, 2008
The post is late today as I had an appointment at 10am PST that took up the remainder of the day. And what a day it was as we finally got the short covering massive up day that I had been looking for. The Dow was higher by 277 points on good volume. Advance/declines were 3 to 1 positive. Tuesday was capitulation day and that low of 1200 for the S&P 500 should hold for now. We will be bouncing upwards from here probably for a couple of days. The summation index should start to turn up shortly. There may be a retest but that will be a chance to get long in my opinion. Gold lost about $15 today and the XAU was down 5 points. ABX, GG and NEM were all down again on good volume. There is a buy signal for the gold shares here again. I may wait this time because the other technicals aren't as sold out. However GG was much lower and made a nice comeback during the trading day. GE was up a buck on good volume. Perhaps I'll choose to try GE again on a pull back. It was going to happen sooner or later. Mentally I'm tired at this point. It's been a long day and I'm looking forward to some rest. 2 days on the option cycle and I won't try anything here, will I? Doubtful but you never know.