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Wednesday, September 25, 2013

Due for a bounce but haven't seen one yet as the Dow fell 61 points on light volume.  The advance/declines were about even.  Short term oversold now and that should lead to a positive session tomorrow or Friday.  The summation index does continue higher.  No positive follow through to the big upside Fed day of last week.  That could be a problem moving forward.  Perhaps I should have held on to the October OEX puts.  Too late now.  No real market moving news to speak of.  GE was off a few cents and the volume was lighter.  The daily candlestick chart here doesn't look bullish.  Gold found a bit of life today on a weaker US dollar.  The yellow metal futures were up almost $20.  The XAU didn't follow as well with a gain of only 1 1/2.  ABX, GG and NEM all had slight fractional gains again on light volume.  Not exactly a bullish picture here for the gold shares.  If we can't get some kind of rally on a $20 up move in gold, then I don't know what it is going to take.  My October ABX calls remain losers.  Mentally I'm feeling a bit tired, did not sleep well.  5 days down in a row for the Dow but the smaller stocks have held up much better.  That is usually a positive going forward.  Waiting on the usual last minute deal for the US government shut down due on Monday.  That could produce some kind of rally in the stock indices.  A deal probably won't help gold though.  The gold shares are going nowhere at the moment.  Seems like a pretty quiet week for the markets so far this week.  We'll see what tomorrow brings. 

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