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Wednesday, July 03, 2013

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It was a shortened pre-holiday session as the Dow gained 56 points on very light volume.  The advance/declines were negative.  Not much to read into todays market action but it has the feel of wanting to go higher to me.  The employment report on Friday will be the next catalyst one way or the other.  If we continue to drift higher near term, that would give the July OEX put trade a chance sometime next week.  The 50 day moving averages have kept a lid on the major indices for now.  GE was flat on light volume.  I'm still considering the July calls here but there is no urgency to this trade right now.  Earnings due on expiration Friday.  Gold was up $8 on the futures today with a weaker US dollar.  The XAU gained 1 2/3.  GG rose 7/8, while ABX was up a bit and NEM down a bit.  Volume was good considering the early close.  I still have the open order in for the October ABX calls.  Mentally I'm feeling OK.  So we'll see what kind of numbers come out early Friday morning and the markets reaction to them.  It will be a thinly traded day though.  The foreign markets will remain open tomorrow and we'll see what happens there.  Otherwise it will be a day off in the US as we wait for the employment report.

1 comment:

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