Friday, July 30, 2010
We started the day down over 100 points, came back into positive territory during the last hour and closed the day off a point. Advance/declines were positive and the volume was summer Friday low. GDP was a bit less than expected but the market shrugged it off. The indices have the feel of wanting to go higher. Summation index remains to the upside. We'll see what happens next week. Gold had a good day, up $12. The XAU gained 2 1/8. ABX up 1/2, GG up 3/8 and NEM up 1/4. Volume was very light again. The technicals are moving up on the gold shares but the volume is lacking. I still may try the September calls. We are back to almost having a buy signal on the Gold/XAU ratio. The dollar didn't do much today. Mentally I'm feeling OK. The markets did move around a lot today but they had a lackluster attitude about it. It's a summertime market here to be sure. That's why the trading could be tougher than usual, volatility wise. There's no rush to do anything really. So I'm going to wait for a decent set up, hopefully. I'm still leaning towards waiting for the expected decline in autumn. But who knows? It's Friday afternoon and time for a break.
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