Tuesday, September 24, 2013
The market tried to get some sort of rally going today but it fell apart in the final hour. The Dow fell 66 points on light volume. The advance/declines were positive though. Not much traction for the stock indices after the blow off high with the surprise Fed announcement. The second half of September is playing out to be weak so far. The summation index does continue higher. The short term technicals are getting to mid range for the stock indexes. Not exactly sure of what to make of todays action but the small caps were stronger and that is bullish going forward. GE was flat after being higher early on. Volume was average. No trades in mind here for now. Gold fell $10 on the futures as the US dollar was a bit higher once again. The precious metal did come back a bit in the aftermarket. The XAU was off 1/3. ABX, GG and NEM all had slight fractional gains. The volume was nothing special. My October ABX calls remain losers. Will need to see some upside here soon to turn this trade around. Mentally I'm feeling OK. We're still waiting for the next market catalyst. The overall market was stronger than the Dow today so perhaps we'll see some upside tomorrow. Not much to report here really. The final hour swoon isn't positive though. Gold really needs to hold the $1300 level here if it has any chance to show some strength going forward. I don't see any catalysts for movement here either. Perhaps if we get a US government shutdown the flight to safety might come into play. But the odds of that actually happening are slim. We'll see what happens overnight and go from there.
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