Wednesday, June 24, 2009
We got the Fed out of the way as the Dow lost 23 points on average volume. Advance/declines were over 2 to 1 positive. The overall market was much stronger than the Dow. I am surprised that we haven't seen a big up move from these oversold levels. It's worrisome I think. If we can't get a decent move to the upside when we are very oversold it could mean trouble. But I could be wrong. It's interesting to say the least. We'll see what happens. Gold was up $10 today and the XAU rose 4 points. ABX up 1/2, GG up a buck and NEM up 3/4. Volume was average for lately. I canceled my open order for the ABX August calls. I'll perhaps try again in the future. The gold shares have begun to outperform gold again and that is positive for them going forward. GG seems to be giving the most bang for the buck as of now. The dollar was a bit stronger today and gold rose anyway. I'll keep an eye on things. Mentally I'm feeling OK, slept well. I'm wary of where we go from here. Summation index still pointing down. Not much data coming out for the rest of this week, so I suspect things may slow down from here. It's summertime. On to tomorrow.
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