Pageviews past week

Thursday, August 30, 2012

A bit of movement finally before the Bernanke blabbering tomorrow as the Dow fell 106 points on the usual light volume.  The advance/declines were 2 to 1 negative.  No apparent reason for todays decline but I still think we are digesting the gains before tackling the 1420 level on the S&P 500 again.  But I could be wrong and often am.  Getting oversold on the stock index technicals.  We'll get past Labor Day and see what happens after that.  GE fell 1/8 and the volume was extremely light again.  Nothing new to report there.  The gold futures were down another $5 as the US dollar showed a slight gain.  The XAU fell 1 2/3.  ABX, GG and NEM all moved very little on light volume.  My ABX October calls remain in the black but aren't doing much.  I suppose the gold shares will move tomorrow on what they hear or don't hear from Bernanke.  Waiting on the end of the Labor Day weekend here as well.  Mentally I'm a bit tired, could have slept better.  I still think that the stock indices will hold up here but anything can happen I guess.  I also believe the gold shares are simply digesting their recent gains before they move higher above resistance.  That would be through the 170 level on the XAU and the $38 level on ABX.  We'll see.   

No comments: