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Thursday, July 29, 2004

Dow up 12 points today.  Advance/declines over 2 to 1 positive and the volume was good.  Maybe a short term bottom is in.  Tomorrow will tell the story.  Gold was down a couple bucks today.  However the XAU was up over a point.  Leading gold higher tomorrow as it has in the recent past?  NEM was only up 15 cents today which was disappointing.  My options are still showing a profit but I didn't like today's action.  But I was waiting all week for the GDP report and that will come tomorrow.  The dollar was a little higher today.  My ideal scenario is the dollar falling tomorrow and a good gold rally that hopefully pulls along the gold stocks with it.  Who knows?  The opposite could happen and then I would say the dollar weakness has come to an end for the longer term.  It is right at the downtrend line that has been effective for a couple of years.  We'll see what happens.

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