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Friday, August 13, 2004

The Dow was up 10 points today on light volume with slightly positive advance/declines. Oil hit a new all-time high. Gold was up around $5 and the XAU was up over 2 points. NEM was only up around 75 cents and the volume wasn't that great. But it looks like the XAU is about to take out a downtrend line that is weeks in the making. Technicals are overbought there though. Will wait to see what happens next week at this point. No conviction for an OEX trade however it looks like some calls might work here. I had to battle myself all day not to buy something before the weekend. If we get a drop in the price of oil, I can see a decent rally taking place. But it's guesswork with no clear signals. The dollar was weaker on trade numbers. Perhaps the decline in the dollar is ready to begin in earnest again setting up a long gold trade. But I don't know. Will check the charts over the weekend. I would like to take on some type of trade for next week. But sometimes no trade is a good trade. Do I sound confused? Sure and I need to sort things out. Will attempt that this weekend and get my mind back into the trade mentality. It's not something that I can turn on and off. Indecision is a killer and it has me in its grips as you can tell by the postings. I'll do what I can...

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