Wednesday, August 27, 2014
The middle of the week and we are simply marking time here. The Dow gained 15 points on light volume. The advance/declines were positive. Nothing has changed from yesterday. Time premium is being sucked out of any open option positions. I would expect a quiet rest of this week. The summation index continues higher. GE was up 1/8 and the volume was light. Keep an eye on GE. Gold lost a buck or so and the US dollar was lower for a change. We are in a holding pattern now for gold as well. The XAU was off 1/8. ABX, GG and NEM were all little changed on light volume. Nothing new to report. Mentally I'm feeling OK. I'm holding on to losing positions and waiting for next week to begin. It is a lousy strategy but it is all I can do at the moment. Unless I want to close out with major losses. Over leveraged to the downside and that was the wrong thing to do. We'll watch what happens overnight but I would expect more of the summer doldrums for now.
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