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Monday, October 07, 2013

Starting the week off to the downside as the Dow fell 136 points on light volume.  The advance/declines were about 4 to 1 negative.  The summation index is heading lower after todays numbers.  The lack of volume indicates no interest among the players and that is not a positive.  No budget deal yet out of Washington.  No economic numbers to trade off of as well.  So we are in a wait and see mode.  Earnings will begin in earnest this week so that will provide stock specific movement.  I'd remain cautious for the time being.  GE was down 1/8 on light volume.  Still hanging on here at the 50 day moving average.  Gold found some buyers as the futures rose $15.  The US dollar was a bit weaker today.  The XAU was up almost 1 1/2.  ABX, GG and NEM all had slight fractional gains on light volume.  I'm still considering the November ABX calls ahead of the earnings announcement at the end of this month.  Mentally I'm feeling a bit tired, did not sleep well.  It's pretty much a waiting game on Washington for the stock indices.  The longer it drags on will probably not be a good thing for stocks.  The small stocks continue to have good relative strength and that probably means we are not on the verge of some type of rout.  Gold remains in the background despite the market uncertainty.  Perhaps it will finally begin to shine again.  But the lack of volume here as well isn't a positive.  I'll try and remain patient before entering a trade here again if that is indeed the direction I decide to take.  As usual we'll watch the overnight action and go from there.  

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