Wednesday, July 21, 2010
The Dow lost 109 points today on average volume. Advance/declines were 2 to 1 negative. The market moved lower on Bernankes blabbering. That's about the only reason I can find. That doesn't mean we can't just go lower here. However the summation index remains to the upside. I'm still thinking sideways to higher for a while but I could be wrong. Gold was flat on the futures and down in the aftermarket. ABX and GG had fractional losses, while NEM fell 7/8. Volume was light as it has been lately and probably will be this summer. The XAU dropped 1/3. I'm still leaving in the open order for the August ABX calls. If it isn't filled before the earnings announcement, I'll cancel it. Mentally I'm tired today and it has been a long day. More of the same tomorrow. We'll see if there is any follow through to todays negative action.
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