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Wednesday, July 23, 2014

A mixed bag today as the Dow fell 26 points on light volume.  The advance/declines were positive.  Both the S&P 500 and the NASDAQ were higher today.  The TRAN continues to make new all time highs.  It just simply looks like higher stock prices are coming.  The summation index hasn't turned around yet but it is on the verge of doing so.  The week so far has the feel of the summer doldrums to it.  It was bound to happen.  More earnings on tap as we move forward.  GE lost 1/8 and now rests on its 200 day moving average.  GE is not participating here and that could spell trouble eventually.  Gold and the US dollar were little changed on the session.  The XAU was off 1/2.  ABX, GG and NEM were all fractionally lower.  Volume has dried up here.  It appears that we are in a holding pattern for gold and the gold shares at the moment.  Mentally I'm feeling OK.  Light volume and not a lot of movement is the story for now with regards to the stock market.  Barring any unforeseen event, I don't think that a grind higher is impossible.  But I don't think there will be any type of explosion to the upside.  Gold is lightly traded so far this week.  Patience is the key idea here this week.  Summertime has arrived for now.  We'll keep an eye on the after the bell earnings along with the overnight foreign market action. 

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