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Tuesday, August 17, 2004

Dow up 18 points, volume light. Advance/declines positive. Market was up higher earlier. Lots of data to digest. No inflation on the consumer level and strong numbers housing and manufacturing wise. McClellan oscillator has turned positive. I think as far as the OEX is concerned right now, the risks outweigh the rewards. Gold was up a buck fifty. The XAU opened lower came back and was up a tad at the close. NEM was down a few cents. Although overbought, this market seems like it wants to go higher as it has into the expiration the last 3 months. I will have to wait it out. Could be missing the next upleg there though. Can't chase it here. It won't be easy but the sidelines are probably the best place for me at the moment. Will fight myself not to buy some puts before the leading indicators on thursday. Not much else for today.

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