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Tuesday, June 30, 2009

We ended the month, quarter and first half of the year on a down note today as the Dow lost 82 points. Volume was average and the advance/declines were negative. July begins tomorrow and I would expect some positive money flows into the market. The employment report comes out on Thursday. We'll have to see what happens. We worked off some of the short term overbought conditions today. If the recent activity or lack there of is any indication of what we have to look forward to this summer, it will be slower than slow. Not a great trading environment. Gold took a hit today and was off $13. The XAU lost 4 1/2 points. ABX, GG and NEM were all off around 1 1/2 on light volume. So is this an opportunity to get long the gold shares again? That is the question. The dollar was a bit stronger today. It's a tough call. If I do something here I should probably go out to the August option contracts. But again, it could just be a slow and boring summer trading season. It would be hard to make any money in that type of scenario. Mentally I'm feeling OK, slept well enough. I'll be keeping an eye on the gold shares and the overall market going forward. But as of now it will take a pretty good set up or signal for me to take a stand.

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