Thursday, July 16, 2015
Moving higher as the Dow gained 70 points on average volume. The advance/declines were over 2 to 1 positive. The summation index is moving higher. Some of the major stock indices hit all time highs today but not the S&P 500. But that should happen in the days ahead. The trend is up. Declines, if there are any, can be bought. GE was up over 1/4 on OK volume. I decided to book the profit that I had here and not wait until tomorrow. This already is looking like the wrong move. I managed a 50% profit there. We'll see what happens with the earnings tomorrow. Gold fell another $5 today as the US dollar had another good session. The XAU and GDX had fractional losses on light volume. ABX got crushed, losing 3/8 on heavy volume. My ABX October calls were almost cut in half. This trade has already blown up in my face. Plenty of time left but ABX appears to be in a free fall. Very oversold on all of the technical indicators. Mentally I'm feeling OK. I'm cutting things short today since it is getting rather late. We'll watch what happens overnight and close out expiration week tomorrow.