Wednesday, May 09, 2012
Still moving lower as the Dow fell 97 points on good volume. The advance/declines were 2 to 1 negative. Even more oversold now on a daily basis. Summation index still heading lower. I still expect a bounce here but that might be about it. However my ideas have been wrong lately. European worries continue. GE lost 1/3 on heavy volume. The question here is if this the beginning of a break to the trading range or a downside washout. Time will tell. Gold fell another $10 on the futures as the rise in the US dollar continues. However the XAU gained 2 1/2. ABX up 7/8, GG rose a buck and NEM higher by 1 3/4. Volume was good. Perhaps this is finally the end of the gold share decline. It is the first out performance for the gold shares in a long time. We'll see. Mentally I'm feeling tired, did not sleep well. I still feel that we are at a very important point in the stock indexes. How the week ends will be telling. I expected a bounce today and I think the odds of that happening tomorrow are very good. What happens after that will be key. Stay tuned.
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