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Friday, June 27, 2014

The Dow finished off the week with a gain of 5 points on good volume.  The advance/declines were 2 to 1 positive as the overall market was stronger than the Dow.  Still short term overbought on the technicals but there is nothing out there at the moment to derail the upwards movement.  A holiday shortened week coming up with plenty of economic data.  However it is summer and a lot of the major players will not be in the game.  GE was up 1/8 and the volume was light.  No trades here for now.  Gold was up a few bucks on the futures as the US dollar was a bit lower on the session.  The XAU added 1/8.  ABX and GG finished the day flat, while NEM rose 1/8.  Volume was light.  Nothing new to report with respect to the gold shares.  Mentally I'm feeling OK.  We'll get the end of the 2nd quarter on Monday, followed by the beginning of July the next day.  I expect stocks to continue to move higher.  Overbought, staying there and that has been the tune recently.  There still seems to be plenty of money trying to find a home in stocks.  Negative divergences don't pan out for long if they do at all.  Things will change eventually as they always do.  But for now all signs point to just staying the course.  Gold and the gold shares had a week to digest the recent huge gains.  The fact that we did not sell off is a positive.  Ideally a pullback would be a good entry point for the October calls.  But the markets rarely accommodate what you'd like to have happen.  I do believe in higher prices going forward here though.  Not much else to say here on Friday afternoon.  I'll go over the charts this weekend and try to come up with a game plan for next week.  Time for a break.

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