Tuesday, August 18, 2009
Support has held for now as the Dow gained 82 points on light volume. Advance/declines were 3 to 1 positive. We were up from the start and then remained higher, moving sideways for the rest of the day. 3 days left in the August option cycle and I don't think I'll be making a trade. Summation index now pointing down, which does imply lower prices. But you never know. Looking more oversold here than I thought, so I don't expect a break of the 980 level on the S&P 500 this week. I could be wrong. Gold was up around $3 today and the XAU gained 2 points. ABX, GG and NEM all had fractional gains on light volume. I would still like to get long the gold shares as we are oversold. I'll be looking at the ABX September and October calls. That's the plan for now. Dollar a bit weaker today. Oil had a good day and gold did not really follow. I'm going to try and remain patient here. Mentally I'm a bit tired, did not sleep well. I'm going to try my best not to do anything stupid for the rest of the week. It could be that we get a slowdown in the markets here as it is the end of the summer. That hasn't been the case as of yet this year. But there is that possibility. On to tomorrow.
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