Monday, July 30, 2012
Today we returned to the summer Monday role in the marketplace as the Dow fell 2 points on light volume. The advance/declines were slightly negative. Simply digesting the recent gains today in my opinion. It's a waiting game now on the Fed and the ECB. Wednesday and Thursday should provide some news or lack thereof to move the stock indices. End of the month tomorrow. Plus the employment report on Friday. Plenty of reasons to spike volatility this week. My guess is that when it is all said and done, we'll be higher than when the week started. GE was off 1/8 on average volume. I might still try the August calls here but not completely sold on that idea. Gold was up a couple bucks on the futures in lackluster trading. The US dollar was a bit higher today. The XAU rose 2 points. ABX, GG and NEM were all up fractionally on light volume. One day doesn't make a trend but the gold shares finally outpaced the price of gold for a change. My October ABX calls are still in the red. I'll be hanging on to them for a while. Mentally I'm feeling OK. Plenty of economic data in the days to come along with lots of news from the worlds Central Banks. Boring it won't be. I'd be a buyer of weakness for the stock indexes but my ideas haven't been panning out lately. I think we'll be on hold until the Wednesday Fed announcement. We'll see if anything comes out of Europe tonight as the headline risk is still upon us.