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Wednesday, July 06, 2016

It was a one day reversal to the upside as the Dow opened lower and closed higher.  The most watched index climbed 78 points on better than lately volume.  The advance/declines were about 2 to 1 positive.  Just waiting for Friday in my opinion.  The summation index continues to the upside.  Bumping up against the near term resistance in the S&P 500.  I'm expecting that we'll get through.  Still short term overbought for some of the technical indicators, room to run on others.  GE was up almost 1/3 on average volume.  Close to a new yearly high here.  Gold was up $7 on the futures as the US dollar was a bit lower.  The XAU rose 3 1/3, while GDX gained 7/8.  Volume was good.  Gold and the gold shares have broken out to the upside from their consolidation zones and continue to attract capital.  Plenty overbought here though on both a short and medium term basis.  Mentally I'm feeling OK.  Was it just less than 2 weeks ago the world was consumed by the vote in England?  That seems to have left the markets radar in a hurry.  Tomorrow should be a wait and see game ahead of Fridays employment report.  My guess would be that we're heading higher regardless of the numbers.  Perhaps GE is leading the way here.  I do not have any trades in mind at the moment.  Europe and Asia were generally weaker overnight.  We'll see what tomorrow brings. 

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