Friday, June 19, 2009
A mild expiration Friday as the Dow lost 16 points on average volume. Advance/declines were positive. Now it's a waiting game for the Fed rate announcement on Wednesday. Summation index still pointing down. I'll be on the sidelines as far as I can tell for now. Gold was up a buck but the XAU rose 4 points. Perhaps now we have reached the end of the move down in the gold shares. But that's just a guess and my guesses have been pretty poor lately. ABX was up 3/4, GG up over a buck and NEM added 1/2. Volume was light. Technically the gold shares are oversold on a daily basis, neutral on a weekly basis. There is unrest in Iran and the dollar was weaker today but gold itself didn't do anything. I will try the gold shares again at some point. Mentally I'm feeling OK, slept enough for a change. Losses are part of the game. You have to brush yourself off and keep on going. That's what I'm going to do. The first 6 months this year have been horrendous for me but there is still half the year left. I don't have any trades on the horizon at the moment. I'll check the charts over the weekend and go from there. Summer is upon us and the markets have a tendency to slow down. The first 2 weeks of June were like that. I'll try and keep that in mind going forward. It's a summer weekend and time to relax.
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