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Thursday, August 28, 2014

Another day of watching paint dry as the Dow fell 42 points on light volume.  The advance/declines were negative.  We sold off fast early and spent the rest of the session coming back.  Buyers arrived on the dip.  The volume is so light here that this will simply be a lost summer week.  Tomorrow should be just as lackluster.  GE was off 1/8 and volume was very light.  Nothing new to report.  Gold found a bid on the futures as they rose seven bucks.  The US dollar was flat on the day.  ABX, GG and NEM all had minor fractional gains on light volume.  Waiting for a catalyst here as well and the summer doldrums continue.  Mentally I'm feeling OK.  We will have to see what kind of mood the traders are in after this weekend.  The summation index continues higher.  We worked off some of the markets overbought condition today.  Right now I'm expecting a positive start to next week.  What happens after that will be the key to my September put trades.  They are all pretty big losers now.  Gold found some buyers at the $1275 level but it certainly isn't convincing.  However gold has held up OK despite a decent break out to the upside in the US dollar.  That is encouraging to the bulls.  We'll close out the trading week tomorrow.

2 comments:

Nidhi Jain said...
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Nidhi Jain said...

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