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Wednesday, July 21, 2004

A quick note with 2 hours to go in the day.  Haven't left for the track yet.  The market rallied early on the Microsoft news of a special dividend.  However the day has turned around and we are now negative.  Advance/declines are solidly negative.  It remains to be seen how we will close today but I think this thing is in trouble.  Can't rally on good news, never a positive sign.  Gold is down $5, the XAU and NEM are weak but not terribly so.  Approaching the uptrendline for NEM soon.  Dollar strong but that's because of Greenspan.  The data coming in is still weak.  Dow flat at the moment.  We'll see how it closes.  Back again tomorrow...

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