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Friday, August 20, 2004

Dow up another 70 points. Advance/declines almost 3 to 1 positive. The only thing missing was volume, which wasn't anything great. There was volume in gold though as this market has taken off. Without me I might add. The XAU was up 1.80, NEM up 44 cents and gold itself gained over 6 dollars. I will get long on any pullback and I am expecting one because the technicals on a daily basis are blown out to the upside. But again, you never know. It could just go straight up. I'm hoping it doesn't. But with the volume this strong there is no doubt that the move in gold is for real and has legs. I'll look to purchase September and October calls. As for the overall market I'm not as sure. I'm still leaning upside but with not as much conviction until I see some volume. I do still like the strong beginning of September and a weak second half of that month. But it's a guess. Options have expired for August and it's time to move on.

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