Thursday, July 30, 2009
The rally lives on as the Dow gained 83 points on good volume. Advance/declines were 4 to 1 positive. The market could not sell off the previous 2 sessions and higher prices were in order. We cut todays gain in half but it was still pretty good. GDP numbers tomorrow and the end of the month. Prices should be supported by money flows going into the middle of next week. You can't fight it. Gold was up $7 and the XAU gained 4. ABX, GG and NEM were all higher, with ABX leading the way up a buck. The earnings didn't mean much really as the gold shares followed the overall market and the weakness in the dollar. Oil rallied as well. I'm going to wait on the gold shares though, until we are oversold. Not there yet. Mentally I'm feeling OK, slept well. No clear signal for the OEX here but most technicals are overbought and have been for a while now. Summation index still moving to the upside. I'm on the sidelines for the near future. We'll see how it goes tomorrow.
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