Friday, August 10, 2012
We opened lower and closed higher but it was an extremely light volume levitation as the Dow gained 42 points. The advance/declines were slightly positive. It was a Friday session in the summer. I don't think you can really read much into it. The McClellan oscillator is telegraphing a decent move in the next day or two. Not sure which way it will be. Short term overbought and staying there. Expiration week coming up. GE moved very little and the volume was very little. No trades in mind there at the moment. Gold gained a couple bucks on the futures as the US dollar dropped just a touch. The XAU was up 7/8. ABX, GG and NEM all had fractional gains on light volume. The weekly candlestick charts show some promise for these issues but the volume is lacking. I continue to hold on to my October ABX calls and they continue to wallow in the red. Mentally I'm still ill and hope to rest over the weekend and be back at full strength. It was a summer doldrums week and I expect more of the same going forward. The September option premiums will be high because there is an extra week on them. I doubt that I will have any new trades before Labor day. Friday afternoon and time for a break.
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