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.