Tuesday, August 04, 2015
More of a drift lower today as the Dow fell 47 points on average volume. The advance/declines were slightly negative. The summation index is moving up but barely. The drop in AAPL hung over the market today. Really just waiting for Friday here in my mind. Nothing has changed technically since yesterday. GE was flat on the session and the volume was light. No trades for GE here. Gold was up $5 in the spot market despite a move higher in the US dollar. The XAU and GDX were flat after being slightly higher early on average volume. Still no interest in gold and commodities in general. ABX was up a dime as we await the earnings after the bell tomorrow. Mentally I'm feeling OK. I'm still a believer that things are going to work there way higher for the major stock indices. Only a rapid breakdown to take out support would change my view. We're in a holding pattern for now. This is as close as we've gotten to the summer doldrums for this year. Things should get interesting by Friday. Gold is still holding the $1080 level but a break through there will lead to another leg down. Hasn't happened yet. The gold shares remain oversold on all time frames. We'll watch the overnight action and see what Wednesday has in store.