Pageviews past week

Friday, August 02, 2013

The Dow closed out the week with a gain of 30 points on light volume.  The advance/declines were positive.  The jobs report was a bit lighter than expected.  The Dow was lower for most of the day but came to life in the final hour.  My guess is that this is the last leg up.  The breadth is not what it should be for a decent rally.  I will get some September OEX puts within the next couple of weeks or so.  We're still in a summer doldrums mode.  We are starting to see the negative divergences in the RSI and McClellan oscillator.  Timing, as usual, means everything.  I'll try and remain patient.  GE was up a few cents on light volume.  The gold futures came all the way back to finish flat after being crushed overnight.  The US dollar had a weak session.  The XAU did not react well and was off almost 2 points.  ABX, GG and NEM all had fractional losses on OK volume.  The gold shares have rolled over and there is no catalyst to buy.  If a weak jobs number doesn't create interest for gold, I don't know what's on the horizon that will.  My October ABX calls continue to lose ground but are still in the black.  Mentally I'm feeling tired.  There was plenty on the docket in the past week.  So where do we go from here?  I'd expect more lackluster action with a positive bias until the market drops.  That's my guess for now and the question is when does it drop?  At some point in August I will want to own the stock index puts.  Gold continues to disappoint and I don't know what will get it moving forward.  We are in the positive seasonal zone though.  I'll continue to keep an eye on it.  It's a Friday afternoon in the summer and time for a break.

No comments: