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Wednesday, May 05, 2004

Summer doldrums in May. No movement to speak of. Dow off 6 points. Overall advance/declines slightly positive. Waiting for friday I guess. And even then it may not do anything. XAU down and I hope it goes lower. Would love to have the guts to buy calls in both the OEX and XAU here. But there is no good signal. In fact we are moving to where a short play may possibly be in order for the market. Summation index still pointing down and if we drop here it will be big. I've got to somehow have the discipline to stay out and wait for a decent signal. It ain't easy.

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