Thursday, July 19, 2012
An expiration drift higher today. The Dow gained 34 points on average volume. The advance/declines were slightly positive. The economic data out today was weaker than expected. No matter, there are no sellers at the moment. We've gotten above the key 1370 area in the S&P 500. It certainly hasn't been a robust move higher yet though. Interesting that we haven't heard anything about Europe lately as if that problem is suddenly solved. The market goes where it wants. GE was off fractionally on light volume. We'll see if tomorrows earnings report can get this issue moving. Gold was up $10 today as the US dollar was just a bit weaker. The CRB index has moved higher lately. The XAU was up 1 3/4. ABX and NEM rose 1/2, while GG gained 3/4. Volume was light. I did place an overnight order for the October ABX calls but it wasn't filled. I'm leaving the order open. My August ABX calls remain solid losers. I'll wait for the earnings next week and probably take the loss there. Mentally I'm feeling OK. The stock index action of late seems a bit slow and lethargic. I guess it's perhaps finally a summer of doldrums. Not the best trading environment. We've got option expiration tomorrow and then I don't see any real catalysts for the market until the 2nd quarter GDP report. So I'll sit and wait. It's all you can do really.
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The Indian market ongoing its smash higher, lead by powerful international hints and desires of policy action from the govt post the Presidential elections.
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