Friday, August 27, 2010
Today we got a bounce as the Dow gained 165 points on average volume. Advance/declines were 6 to 1 positive. The GDP number wasn't as bad as feared by some. Plus there was some Bernanke babble that was viewed as positive. Have we put in a trading bottom here? Perhaps. The mood is quite bearish. I canceled my open order for the OEX puts. No need to hold it over the weekend. I do believe that we are going to head lower. I'll ponder my next move over the weekend. Gold ended the session basically flat, while the XAU gained 3 3/4. ABX up 1/3, GG gained a buck and NEM rose 1/2. Volume picked up as well. Plenty of interest in the gold shares. I still may try the calls here but I also canceled the open order here. No need to have anything out there over the weekend. The weekly charts still look bullish for the gold shares. I may try something next week. The daily charts are overbought though. Again, things to think about over the weekend. Mentally I'm feeling OK. I'll need to go over the charts this weekend and be ready with a game plan for next week. 3 weeks in the September cycle and one less day due to Labor Day. Another week until the major players return from summer vacation. It's the last weekend in August. Time for a rest.
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