Friday, July 24, 2009
Can nothing stop this market? The Dow picked up another 24 points today on light volume. Advance/declines were positive. The Dow has been up 9 of the last 10 days. You can't fight that. Summation index heading up. Very overbought and staying there. There are still 4 weeks to go on the August options. I gave the puts a try and failed. I suppose it's the sidelines for a while now. But we'll see. Gold lost a couple bucks and the XAU was flat. ABX, GG and NEM all had fractional gains on light volume. I haven't liked the volume all the way up on this rise for the gold shares. Earnings next week for ABX and GG. I may try the puts after the earnings announcement. After earnings, what is left to move these stocks higher? I'll think about it over the weekend. The dollar was lower today but it didn't do much for gold. Mentally I'm a bit tired, have not been sleeping well lately. There haven't been any summer doldrums this year so far. I was wrong on that call. It looks like that we have broken through resistance with volume this week. That fact cannot be ignored. The market will be looking to go higher. I'm going to have to look things over this weekend and go from there. I have been in quite a slump though. Perhaps I'll have to take the rest of the summer off. Probably not though. It's a summertime weekend and time for a rest.
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