Wednesday, September 25, 2013
Due for a bounce but haven't seen one yet as the Dow fell 61 points on light volume. The advance/declines were about even. Short term oversold now and that should lead to a positive session tomorrow or Friday. The summation index does continue higher. No positive follow through to the big upside Fed day of last week. That could be a problem moving forward. Perhaps I should have held on to the October OEX puts. Too late now. No real market moving news to speak of. GE was off a few cents and the volume was lighter. The daily candlestick chart here doesn't look bullish. Gold found a bit of life today on a weaker US dollar. The yellow metal futures were up almost $20. The XAU didn't follow as well with a gain of only 1 1/2. ABX, GG and NEM all had slight fractional gains again on light volume. Not exactly a bullish picture here for the gold shares. If we can't get some kind of rally on a $20 up move in gold, then I don't know what it is going to take. My October ABX calls remain losers. Mentally I'm feeling a bit tired, did not sleep well. 5 days down in a row for the Dow but the smaller stocks have held up much better. That is usually a positive going forward. Waiting on the usual last minute deal for the US government shut down due on Monday. That could produce some kind of rally in the stock indices. A deal probably won't help gold though. The gold shares are going nowhere at the moment. Seems like a pretty quiet week for the markets so far this week. We'll see what tomorrow brings.
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