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Wednesday, August 27, 2008

To the upside today as the Dow gained 90 points on light volume. Advance/declines were 3 to 1 positive. Hard to make much of this weeks action but today looked good for the bulls. I think we'll meander into the weekend but that's a guess. Next week it'll be back to business. Gold rose about $5 today and the XAU gained 3 3/4. ABX and NEM gained a buck, with GG up 3/4. All had light volume and all are approaching short term overbought territory. The GG call trade continues to be positive. It will be a tricky time trying to get out of this thing with the most profit. And I still like it on a longer term basis. I'm thinking about just holding for the long term but the stop loss order remains in place. We'll see. GE was flat on light volume. Mentally I'm feeling better with a better nights sleep. End of the month coming up. The dollar bounced around and ended lower. Oil was up a couple of dollars. Both were supportive for gold. It may seem as though I've been posting a lot about gold lately but it's where I see opportunity at the moment. The OEX has been volatile and choppy. That's a tough trading environment. There hasn't been a clear signal there for me in some time. That will change but it hasn't yet. So I have to focus on what I'm looking at. It changes of course but for now it's the gold shares.

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