Thursday, August 09, 2012
A mixed bag today as the Dow was lower by 10 points while the S&P 500 and the NASDAQ were higher. The advance/declines were positive and the volume anemic. It is a summer doldrums week. Perhaps more of the same coming for the rest of August. If you want to take a break, now is the time. We may see some movement in expiration week but that's a guess as usual. I'm on the sidelines with regards to the OEX. GE gained a nickel and we're still overbought here. No trades for me here either. Gold was up $4 on the futures despite a rise in the US dollar. That's encouraging for the gold bulls. The XAU gained 1 7/8. ABX, GG and NEM all had fractional gains on extremely light volume. Overbought on the short term technically for the gold shares. My ABX calls remain in the red. Mentally I'm still feeling ill and am exhausted. I need to get some rest. Tomorrow should be a slow wrap up of a slightly positive week for the stock indices.