The stock market continues in its tantalizing ways, makes you want to stay in and see what happens tomorrow. That strategy hasn't been too bad so far but we want to be cautious for an abrupt turn. The complacency in the market is almost eerie. Here we are at new four years highs in several indexes and all time highs in others. Why should anyone worry about the stock market going down? At the moment, we are just waiting. The strength in the market is there but it is just not convincing.
Gold and silver were strong today but not the HUI which is troublesome. We are concerned that the upside break is not coming. Gold has its own resistance about $30 above here and seems to have a lid on it over the past several months. Silver is a dollar off its highs from last fall and rallied strongly today. We had suggested buying silver below $7 which is where it was for several trading days in July. We are looking for a good run here but are getting a little impatient even though we have good profits in our mining stocks.
We have recently mentioned that the bond market seems to be trying to form a tradable low and today it made a fairly strong move up. The Treasury market would be the only one we would suggest.
Oil made a move over $60 today after reports of a refinery fire in Louisiana. Doesn't is seem difficult to you to believe that all four of these markets were up today? Oh well I guess we wait another day.
Have a great trading day and we'll see you back here late Sunday night.
Dow Industrials: 10705.55 +68.46
BGEIX: 10.92
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