Thursday, July 07, 2011
It has been an amazing run with no end in sight as the Dow climbed 93 points on average volume. The advance/declines were 4 to 1 positive. I thought it would be a quiet session but that was not the case. The employment report is out tomorrow but there is no stopping this bull run for now. Overbought, staying there and the summation index continues to gap higher. Certainly would have been nice to have some calls at some point in the last 2 weeks. GE was up 1/4 on better volume as it tries to break through the 50 day moving average. We still have yet to rise above the resistance line that began back in February. I suppose GE isn't exactly a leader here. Gold was up a buck and the XAU gained 2 points. ABX was flat, GG gained 7/8 and NEM rose 3/8. Volume was average. The US dollar was weaker today. No trades in mind for the gold shares just yet. Mentally I'm feeling tired, did not sleep well or long enough. So we'll get the employment numbers tomorrow but I get the feeling they won't really matter. Not when you get a bull market thrust like the one we're in at the moment. But nothing I've been thinking of has been correct lately. We will have to wait for the stock indices reaction to the news. The Dow transports have already broken out to new yearly highs. Are other indices to follow? Seems to be what will happen at this point.
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