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Tuesday, July 20, 2010

Sold off early today over 100 points and came all the way back to finish the day up 75. Advance/declines were 4 to 1 positive and the volume was average. Bullish action to be sure. It is looking more like Friday was an aberration for now but there's still 3 days left in the week. I'm going to let the market run here and focus on getting short when this rally concludes. It will take some patience but I'm hopefully up to the challenge. My forward market projection still calls for weakness in late summer, early autumn. Gold was up $10 today, erasing yesterdays loss. The XAU rose 3 7/8. ABX and GG gained 2/3, while NEM was up a buck. Volume was light. I'm leaving in the open order for the ABX calls. Hopefully we'll build a bottom here and then rise on the earnings news next week. If not we could just head up from here and I'll cancel the order. The dollar was slightly higher today. Mentally I'm a bit tired but not bad. Bernanke is speaking this week and that always has the potential to be a market mover. The housing data out today was viewed as mixed. Summation index moving higher and that implies that the trend will be up. I have an appointment tomorrow and on Thursday, so the posting for the blog will be later in the evening.

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