Wednesday, July 26, 2017
More of the same today as the Dow gained 97 points while the overall market lagged. The advance/declines were barely positive and volume was average. The summation index continues higher for now. I really think things are getting overdone to the upside at this point. It is usually not bullish when the Dow is the leading average. Overbought and overdue for something to the downside in my opinion. But my opinion hasn't been worth much lately. The Fed was dovish with remarks and rates remained unchanged. The summer rally is in full swing. GE gained 15 cents and the volume was good. Gold rose $8 on the futures as the US dollar continued its decline. The XAU added 2 1/2, while GDX rose 1/2 on better volume. It appears that I've missed the longer term gold share call trade. The stock that I chose, ABX, has already come up off of its lows of Monday. Earnings due tonight and the gold shares have momentum at the moment. Mentally I'm feeling OK. Summer rolls on and so does the Dow. Nothing seems to be in the way but this can't go on forever can it? Still more earnings due in the next couple of sessions, plus GDP on Friday. I'm basically waiting to go on vacation next week. Europe and Asia were mostly higher overnight. We'll see how traders reacts to the earnings from ABX in trading tomorrow.