Wednesday, August 15, 2012
More of the same drift today as the Dow fell 7 points on light volume. The advance/declines were positive. The overall market was stronger than the Dow. There is nothing new to report really. It is a summer doldrums environment. The stock index technicals are overbought and staying there. Expiration week, no volatility and a lack of participants. The recent McClellan oscillator signal for a decent move did not pan out. So on we go and there are no changes for the foreseeable future. GE was little changed, the volume was light and this sounds like a broken record. Gold was up $4 on the futures and the US dollar was a bit higher as well. The XAU was up 2/3. ABX and NEM had fractional upsides moves, while GG dropped a tad. Volume was light. My ABX October calls remain in the red. Nothing new to report here as well. Mentally I'm feeling OK. There is no need to press any issue right now. When the stock indices are quiet and simply drift there is no need to force things. The trading arena will pick up down the road. This is the reality of the market that we find ourselves in today. Patience is necessary and mandatory. We'll see what tomorrow brings but the odds are it will be more of the same.