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Friday, June 26, 2009

The Dow lost 34 points on average volume. Advance/declines were almost 2 to 1 positive. Market breadth is telegraphing higher prices going forward. The overall market is stronger than the Dow. Let me say this about volume. It's light but that is expected for the summer. So what passes for average volume is really lighter than usual. And if it is light, it is really light. End of the month and quarter next week. Also a holiday week. I doubt that I'll be looking to take a position on but you never know. Gold was up a buck or so and the XAU lost 2 1/3. ABX, GG and NEM all had fractional losses on light volume. The dollar was weaker and it didn't do anything for gold. However the gold shares had a great week so we'll see if there is any follow through to the upside next week. Mentally I'm feeling pretty good for a change. Got a decent nights sleep. It's a summer weekend on the horizon. I'll go over the charts this weekend and go from there. For now it's time for a break.

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