Wednesday, August 29, 2012
Nothing new to report today as the song remains the same. The Dow gained 4 points on light volume. The advance/declines were positive. Economic data came and went. We still fell in the final hour and that remains a near term problem for the bullish cause. Still in a holding pattern until next week in my opinion. GE was flat and the volume was extremely light. The final week of summer has really taken hold. The market players on on hiatus. Gold fell today, off $6 on the futures and more in the aftermarket. The US dollar was higher today. The XAU dropped 1 3/4. ABX, GG and NEM all had fractional losses on light volume. Just a waiting game here as well. I'm still a believer that we are consolidating the recent gains for the moment and then will break through the resistance. But that's a guess as usual. Still overbought on the gold shares. Mentally I'm feeling OK. The stock indexes are headed nowhere for now. There is no apparent catalyst for stocks this week. Perhaps Bernanke on Friday can get things going. However the volume will be light regardless. Simply hold on until Labor Day and then we'll get things moving one way or the other. I'm still holding the October ABX calls and they're still in the black for now. If and when we get through the $38 level with good volume on ABX, these calls should show some decent gains. Hasn't happened yet. 2 days left before a long holiday weekend. Patience is needed and advised.