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Monday, July 19, 2004

The Dow was down 45 points today.  Most of that can be attributed to 3M which sold off big after its earnings announcement.  Volume was a little better than usual but nothing spectacular.  Whenever a market goes up or down due to one stock, sometimes it will go in the opposite direction following this action.  We sure need some type of upmove.  Advance declines were slightly positive.  The OEX was actually up a little.  On the sidelines for now.  Gold did not move much, however the XAU was down around a point and a half and NEM was off about 80 cents.  Does that mean gold will be down tomorrow?  Would like to see NEM get to around $40, it's at 41 and change now.  The earnings are due out in a week.  Now do I get long ahead of that or not?  I f it goes down then I probably will.  But if it rises into the earnings announcement I'll lay off.  What more good news could come after that?  So I guess I'll have to be patient and let the stock price dictate the trading outcome.  We all know how hard it is to remain patient.  Let's hope I can sit it out for a while here, meaning until the uptrendline it touched or the beginning of next week.  Wish it was easy but it never is.



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