Monday, August 05, 2013
Another slow and mixed day as the Dow fell 46 points on light volume. The advance/declines were negative. Small stocks higher, other indices lower. That is bullish moving forward though. No hurry to get the OEX September puts at this rate. It is the summer and not much going on. I still feel that there will be a positive bias going into the August expiration. After that, things could get interesting. Or not. GE was off over 1/8 on extremely light volume. Nothing doing there as far as a trade for now. Gold fell $8 on the futures. The US dollar was flat on the session. The XAU lost 1/2. ABX, GG and NEM all fell 1/4 or so on light volume. My October ABX calls continue to lose ground as the stock drifts lower. Still showing a slight profit though. Mentally I'm feeling OK. Summer doldrums just about sums things up. The stock index technicals are still overbought and staying that way. Some divergences are beginning to appear. I'm keeping an eye on things but it doesn't look like any major downside or upside is imminent. But as usual the market will go where it wants. I'm continuing to try and be patient. Gold is in a drift as well, with no catalyst for higher prices on the radar. Trying to hold the $1300 level here. I'll keep an eye on the overseas markets overnight and go from there.
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