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Wednesday, June 16, 2004

A nothing day in the stock market today. Very unusual during options expiration week. Dow, OEX and Nasdaq all flat on light volume. Advance/declines about even. Signals are mixed and only a fool would take a position with only 2 days left and no clear direction. Am I a fool? Have been in the past so you never know. Gold was down $4 but the XAU and NEM rallied from the morning lows and are now positive. I can't figure that out. I'm guessing it's option week related but I don't know. Could be that the smart money is buying now in anticipation of higher gold prices in the near term. Gold is at $384 and I would like to get long if it gets in the $370s. I still want the July NEM 37.5s. They are too expensive right now in my opinion and I would like to get them for under a buck. I don't like it when the stocks and gold diverge because it is hard to tell what is really going on. I'll remain patient if I can. Maybe getting the options next week if all goes well. About to close on a really flat day. Summer doldrums already? Could be...

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