Wednesday, August 08, 2012
Summer days lead to summer daze as we drift around aimlessly. The Dow managed 7 points to the upside today on very light volume. The advance/declines were slightly positive. It seems as though we are losing steam here but I could be wrong. Not much to report and the rest of the week should be the same. GE lost 1/8 on light volume. The technicals remain overbought here. Gold was up 3 bucks on the futures as the US dollar was practically flat on the day. Slow here as well. The XAU was off 2/3 and opened higher but closed lower. That's a one day reversal to the downside. ABX and GG were lower by 1/4, while NEM was up 1/4. Volume was light. My October ABX calls almost made it back to break even today but then faded. They are still in the red. I did notice yesterday that the volume for the October ABX 34 calls was extremely heavy. This came out of nowhere. Today the open interest in this option expanded dramatically. Somebody is making a huge bet here. Mentally I'm still not feeling well with the flu or something. Luckily for me the market is slow at the moment. Nothing else to report today.