Gold had a spectacular run the last two weeks, with only occasional pullbacks such as we had today.
Let's see if gold can hold together into its option expiration next week on the 26th.
Option Expiration Schedule at the Comex
“One day, we will have to stand before the God of history. And we will talk in terms of things we've done. And its seems to me that I can hear the God of history saying, 'That was not enough. For I was hungry, and you fed me not. I was naked, and you clothed me not. I was devoid of a decent sanitary house to live in, and you provided no shelter for me. And consequently, you cannot enter the kingdom of greatness.'" Martin Luther King
Gold had a spectacular run the last two weeks, with only occasional pullbacks such as we had today.
Let's see if gold can hold together into its option expiration next week on the 26th.
Option Expiration Schedule at the Comex
Very quiet expiration for August stock options today.
Q2 GDP second estimate next Friday the 27th.
SP 500
The SP was under pressure all day, but there was a bump up in the afternoon to bring them back to the pivot point around 1070.
NDX
The NDX broke cleanly down out of the rising wedge, so there may be more work on the downside. Potential bear flag that we will have to watch.
Heard on the Street
05/24/10 Goldman adds CME to its conviction buy list. Closing price $323.01
08/12/10 Goldman removes CME from the list. Closing price $249.39
What are the chances they were not on the other side of that?
Gold has been like a juggernaut the past week.
Let's see if it can take out 1240 without getting too overbought.
As a reminder next week is September options expiration for gold and silver.
Gold Daily Chart
Gold Daily Chart - closer look