Wednesday, September 05, 2012
A waiting game as the Dow rose 11 points on average volume. The advance/declines were slightly negative. Today the overall market was weaker than the Dow. Nothing to do but wait for the ECB tomorrow. I still think that we will take another shot at 1420 on the S&P 500 in the near future. As always, I could be wrong and often am. GE was up 1/8 on lighter volume. Still holding at the 50 day moving average on the daily charts. Gold was little changed today as the US dollar didn't do much either. The XAU was off 1/4. ABX, GG and NEM all had fractional moves one way or the other on light volume. The same wait and see attitude going on here as well. Mentally I'm feeling tired, did not sleep well. If we don't get moving tomorrow on the ECB, we should get going off of the employment numbers on Friday. That's the idea for now. My ABX October calls are still in the black and the price isn't moving much. We'll see what happens tomorrow and go from there.