Pageviews past week

Wednesday, July 29, 2009

Again, the market just refuses to sell off here. The Dow lost 26 points on average volume. Advance/declines were negative. We were off about 90 at one point. Buyers continue to surface. Summation index still heading higher. End of the month on Friday. I would expect us to move higher now in the near term. Gold lost around another $10 today as the dollar gained strength. The XAU fell 4 points. ABX and GG were both off more than 1/2, while NEM dropped a buck. Volume was nothing special. Earnings tomorrow and I thought about trading some ABX calls but didn't. The technicals have turned bearish for now on the gold shares. I'll be looking at them again when they are oversold. It's tempting to try and play the earnings for ABX and GG but it isn't really the prudent thing to do. It is much more likely to be successful by waiting for the proper technical set up. Oil got hit hard today as well and it looks like the commodity trade is done for now. Mentally I'm doing OK, could have slept better. So it looks like we have a stock market that is working off its overbought position on its way to heading higher. That's my guess at the moment.

No comments: