Wednesday, May 14, 2014
To the downside today as the Dow fell 101 points on light volume. The advance/declines were negative. No real news today but some more rumblings out of the Ukraine. I did expect a drift to the upside but that was not the case. The short term technicals remain overbought for the major stock indices. The Dow was the weakest index on the session and that is a switch. There is a potential negative candlestick pattern on the S&P 500 but we will have to see what happens in the coming days. GE was off 1/8 or so on light volume. Gold found some buyers as the futures rose over 10 bucks. The US dollar was off just a touch. The gold shares didn't really follow the precious metal as the XAU nudged up 1/2. ABX, GG and NEM were mixed, with GG gaining about 3/8. Volume picked up slightly. My June ABX calls are at break even. Mentally I'm feeling a bit tired, did not sleep well. Still waiting for the negative seasonals to take effect for the stock indices. Perhaps once expiration week has passed. Not much else to report for now. Gold remains stuck in its trading range. The fact that the gold shares can't rally with a $10 move higher in gold is not bullish. There is still no love for the gold shares. We'll continue to monitor things in the markets overnight and go from there.
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