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Buzz & Banter

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I'll be brief. Some quick observations:

* The Philadelphia Bank Index (BKX) continues to shave points like...no, I think I'll leave that one alone...the BKX continues to lose ground. On a point & figure basis 850 confirms a sell signal on both the short and intermediate-term charts. The short-term chart is already on a sell signal that occurred August 1 with the break of 885.

* Gold & silver have enjoyed a decent day despite the strength in the dollar. What is interesting is that gold has been relatively firm despite the big move over the past 10 days in the dollar. The September dollar contract has given four consecutive point & figure buy signals so far in August while gold remains on a buy signal.

* October crude futures are back over $32. Meanwhile, the Houston Chronicle reports that over the weekend "Gas prices may reach highest level in history."

* This annoying email virus is starting back up again and apparently is supposed to kick back into full gear around 3 p.m. EST.

* The Travers Stakes is tomorrow at Saratoga, the last big meeting for the nation's three-year-old colts before they face their elders in the Breeders' Cup Classic this fall. Unfortunately, it looks like neither Empire Maker nor Funny Cide is going to run. Also tomorrow, I noticed Phish is entered in the 3rd race at Saratoga. They're listed at 12-1 in the morning line, but you never know.
Position in Oct. Crude.

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