Wednesday, August 05, 2015
We started out strong but faded for the rest of the day. The Dow fell 10 points on heavy volume. The advance/declines were about even. The overall market was much stronger than the Dow with both the S&P 500 and NASDAQ showing good gains. The summation index is moving higher but still not at a rapid pace. I do believe that this will work itself out to higher prices going forward. Just waiting on Friday now. GE was up 20 cents on light volume. Gold was off a bit on the futures. The US dollar finished the session little changed. The XAU fell another point and GDX lost 1/4. Volume was average for lately. The gold share drop continues unabated. ABX dropped another 1/4 on good volume as we await the earnings report tonight. Although it now appears that the earnings will be out tomorrow morning. Mentally I'm feeling OK. Not much to add about todays price action. It seems as though perhaps we are getting the last selling out of the way before Friday. I will say that the volume has been a lot more than normal for the past couple of weeks. So we are about to get going one way or the other in my opinion. Being wrapped up in this losing ABX October call trade has my attention. The mental capital expanded here takes away from other opportunities that may be out there. That is the problem with losing trades. They really need to be gotten rid of as soon as possible. There is a lot of time left for the ABX trade. Plus we are in the supposedly seasonally strong period for gold. But the time devoted to that trade at this point seems to be wasted. Tomorrow should see some movement one way or the other for ABX. The overall market will most likely be in a holding pattern for Fridays employment report. We'll keep an eye on the overseas action tonight and see what tomorrow brings.