Friday, August 29, 2008
We ended the month on a down note as the Dow lost 171 points. Volume was light as the long weekend begins. Advance/declines were almost 2 to 1 negative. I don't know how much emphasis you can put on the action this week. The volume wasn't there all week. However the summation index continues to the upside and that has to be respected. Gold was off a couple bucks and the XAU lost 1 3/4. ABX, GG and NEM all had fractional losses on light volume. I still think I'm going to get stopped out of the GG calls. Either that or I'm going to have to sell them next week. We'll see. GE lost 60 cents on light volume. Mentally I'm doing OK, slept better than lately. Not much else to say on the last trading day of August. As usual I'll go over the charts this weekend and try and come up with some sort of game plan for next week. It will be good to have an extra day to think things over and figure out what to do from here. For now, it's time for a break.
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