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Tuesday, August 03, 2004

The Dow was off around 60 points today. I guess it's not going to wait for me. Advance/declines were negative but not bad for a market down 60. Volume picked up a touch. If we get some gain in the next 2 days I might possibly get short. But it looks to be too late. Gold was up a couple bucks today. However the XAU rallied and sold off hard. It was up a few cents. NEM was actually down a little and ABX was up a tad. I don't like the action. I think I probably should have sold out today. We are up against some resistance in the XAU, the volume was light and it got turned back. We are approaching or are at overbought in the gold stocks. I would like to see the resistance broken on heavy volume but that scenario doesn't look probable at this time. These options do have over 2 weeks left though and that may work in my favor. Trading is a difficult task to undertake. Today is a reminder of that. I don't have a good feel for fridays number but I still think the Fed may do nothing next week. I don't know. Tomorrow is another day but I'm not feeling positive at this point. Perhaps something will happen overnight. Perhaps not...

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