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Wednesday, August 11, 2004

The market was down big early but came back all day to be down only 6 points at the close. Volume picked up a little and the advance/declines were negative. The SPX and OEX were down more, relative to the Dow. Mixed at best. Gold lost over $4 but NEM held up pretty good. The XAU was down a point and a half. Interesting. No trades for me at this juncture but I'm looking. Perhaps a clear signal will emerge before option expiration next week. Seems like after today the Dow wants to go higher. But it's a crapshoot right now and perhaps the best course of action is inaction.

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