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Thursday, August 01, 2013

No need to wait for tomorrows numbers as the Dow climbed 128 points on good volume.  The advance/declines were positive.  August has begun with a bang to the upside and new highs for many of the stock indices.  The TRAN in particular had an outstanding day.  The S&P 500 and the NASDAQ outperformed the Dow.  We are above 1700 for the S&P 500.  Yes, I am still looking at the September OEX puts.  However I am going to try and remain patient.  The market may continue to run up into the August expiration.  I think we will see a negative divergence in the McClellan oscillator in the coming days.  I could be wrong.  GE was up 1/4 but finished well off of the highs.  Volume was light.  Gold was off a buck on the futures but finished well off of the highs as well.  The US dollar had a very strong day, which was its best in quite a while.  The XAU dropped 2 2/3.  ABX, GG and NEM were all fractionally lower again on average volume.  The technicals for the gold shares have rolled over.  The earnings came out for ABX and they were horrible, including a cut in the dividend.  But the stock held up rather well considering.  That doesn't mean that it won't follow gold lower, if that is the near term direction.  If we see weak numbers tomorrow, that should be supportive for gold.  Mentally I'm feeling OK.  Stocks moving higher before the jobs number?  Perhaps somebody knows something.  I certainly don't know much, so we'll keep watching the technicals.  They have rolled back to the upside for the stock indexes and I would expect follow through upside tomorrow.  Gold couldn't make it through the 50 day moving average.  Perhaps it can turn around tomorrow.  Holding $1300 would be a step in the right direction for the bulls.  All eyes on the employment report in the morning.  The blog site continues to malfunction.  My apologies for any spelling mistakes etc.

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