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Thursday, July 24, 2014

Another mixed session as the Dow fell 2 points on better volume.  The advance/declines were slightly negative.  We bounced around a bit today in a narrow trading range.  Waiting on the next catalyst one way or the other.  The summer doldrums are in effect.  The summation index is still heading lower.  We are back to short term overbought on some of the major stock indices.  I think that a wait and see approach is the proper call at this time.  GE was flat and the volume was very light.  Still hanging in there at the 200 day moving average.  Gold fell today, the futures lost over ten bucks.  The US dollar was slightly higher.  The XAU dropped 1 3/4.  ABX, GG and NEM all had fractional losses on better volume.  These issues are now short term oversold.  Perhaps it is time to consider the October calls here.  However I am going to at least wait until next week to decide.  Mentally I'm feeling OK.  Sideways since the beginning of the month for the large cap indices.  It seems as if everyone is still waiting for the next decline.  It will occur when everybody is bullish.  Earnings are the main driver for now.  Gold has moved back to its 200 day moving average.  The US dollar is in a rally and that is not bullish for gold.  We also have a lot of geopolitical turmoil around the globe and gold isn't moving higher.  These are not bullish signs for gold at the moment.  Throw in the gold share earnings due next week and we are perhaps at a critical trading juncture.  The October gold share calls remain on my radar.  We'll close out the week tomorrow. 

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