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Tuesday, July 01, 2014

A jump to start off the month of July as the Dow rose 129 points on average volume.  The advance/declines were 2 to 1 positive.  I expected a quiet market and was wrong.  Money flows came in much more than I anticipated.  More new all time highs for the major stock indices.  There is no overhead resistance.  The summation index continues higher.  There seems to be no stopping the market from continuing higher.  Still overbought all the way around.  GE was up 1/8 and the volume was average for summer.  I still have no trades in mind here near term.  Gold was up a few bucks on the futures as the US dollar was flat on the session.  The XAU was off 7/8.  ABX, GG and NEM all had fractional losses on light volume.  The gold shares didn't follow the market higher today for a change.  I'm still a believer in the October gold share calls and I am still trying to be patient.  Mentally I'm feeling a bit tired, did not sleep well.  What more can you say about this market?  It just keeps moving on.  I still think that it won't end well when it does end but you cannot argue with price.  A summer rally is in place.  How high it gets is anybodies guess.  We'll see how things go after the employment report on Thursday.  Gold is overbought as well but that doesn't mean that it cannot go higher.  I would have expected to see more beginning of the month and quarter money flow into there but that was not the case.  Also today did not see the gold shares have good relative strength vs. the movement in gold itself.  It may or may not mean anything but we'll find out in the days ahead.  I would wait until after the holiday weekend to take on any trading positions.  Obviously it is too late for any index calls.  We'll see if the foreign markets follow the Dow higher and go from there. 

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