Monday, August 20, 2012
We sold off early and spent the rest of the day coming back as the Dow fell 3 points on light volume. The advance/declines were negative. The summer doldrums remain in place with no end in sight. Not a lot of economic data out this week as well. So we will see if the drift higher continues as we are at the resistance of 1420 for the S&P 500. Otherwise it's just another Monday in the summer. GE lost a touch on light volume. Nothing new here as well, trying to see if a breakout above $21 occurs. Gold was up 3 bucks or so on the futures as the US dollar dropped a tad. Not much going on here either. The XAU was up a point. ABX and NEM had fractional gains, while GG lost a fraction. Volume was light. My October ABX are slightly in the black. I'm still considering dumping them this week but I would like to see ABX get to $38 first. May or may not happen. Overbought on the gold shares to be sure as well as the stock indices. Mentally I'm feeling OK. Not much else to add today. It is a summer snooze fest for the most part. Nothing coming out of Europe and most of the players remain on vacation. There is nothing wrong with remaining on the sidelines until Labor Day. We'll see what transpires tomorrow but it will probably be more of the same.