This Stock Blog gives insight on daily stock market trading as well as stock trading analysis. We also list stocks to buy, top stocks, stock picks, and the best stocks to invest in 2013/2014.
Thursday, 30 August 2012
A bit of movement finally before the Bernanke blabbering tomorrow as the Dow fell 106 points on the usual light volume. The advance/declines were 2 to 1 negative. No apparent reason for todays decline but I still think we are digesting the gains before tackling the 1420 level on the S&P 500 again. But I could be wrong and often am. Getting oversold on the stock index technicals. We'll get past Labor Day and see what happens after that. GE fell 1/8 and the volume was extremely light again. Nothing new to report there. The gold futures were down another $5 as the US dollar showed a slight gain. The XAU fell 1 2/3. ABX, GG and NEM all moved very little on light volume. My ABX October calls remain in the black but aren't doing much. I suppose the gold shares will move tomorrow on what they hear or don't hear from Bernanke. Waiting on the end of the Labor Day weekend here as well. Mentally I'm a bit tired, could have slept better. I still think that the stock indices will hold up here but anything can happen I guess. I also believe the gold shares are simply digesting their recent gains before they move higher above resistance. That would be through the 170 level on the XAU and the $38 level on ABX. We'll see.
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