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Monday, June 07, 2004

A big up day with the Dow tacking on 140 points and the OEX up over 8 points. The OEX has broken its multi-week downtrend line and the Dow is right at that same line along with the S&P 500. Advance/declines were good. The only thing missing was the volume, which was light. That could be a monday factor or it could mean that this OEX breakout is a fakeout. I'm not sure what to think but I'm a believer for now. There just weren't any sellers. Perhaps the expiration gyrations are starting early due to the unexpected market close this friday due to former president Reagans death. I don't know. Gold was up 3 bucks with both the XAU and NEM advancing. I'm still looking for lower prices before entering a trade but I could be missing the boat there as well. Would like to have the guts here to short the overall market and possibly will tomorrow if another light volume rally takes place. It's risky though and a more prudent path would be to stay on the sidelines. Suppose I should have gotten long last week but hindsight is easy. It's foresight that's giving me problems...

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