ABX update

Then (July 26 2012) and now;

ABX jul 26 s 2012abx aug 21 2012

Whether or not the count was correct remains to be seen, certainly some parts of it were. Less than a month ago we actually recommended this stock as a buy, despite our longer term misgivings about both this particular company and gold in general in a deflationary environment. At the time the stock was roughly $32 (the low $31.18). The expectation $42. Right now it is at $37. Continue to look for higher levels but remember (see previous blogs) that a reading above $42 is stretching it a bit. We would sell at about $40, or a 25% gain in, probable, a little over a month.

OCX, ONEX update

OCX aug 2012

Nothing has happened since a month ago when we last commented on this stock. To repeat, the top could have been either in 2007 or 2012, but not in 2000, see recent comments on the DOW as well. At $40 this stock is near the previous high before the great recession and consequently there is less upside than downside. Definitely a sell.