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Friday, July 17, 2009

A relatively quiet expiration as the Dow gained 31 points. Volume was average for lately and the advance/declines were negative. It was a very good week but we are now overbought and I would expect weakness at the beginning of next week. We'll have to see what happens after that. Longer term resistance is approaching. Gold was up a couple bucks and the XAU gained 2. ABX, GG and NEM were all higher by 1/4-3/4. The volume was very light though. I expect we'll pull back here as well next week. Mentally I'm feeling tired, did not sleep well. Short post today as I have appointments this afternoon. Summertime. I would like to add that the action next week will tell if this was just an expiration week wonder or something more significant. Stay tuned.

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