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Tuesday, September 28, 2004

Got some movement today but I don't know why. Dow up around 90 points on more than 2 to 1 advance/declines. Volume was a little better but nothing great. I'm taking this as the bounce I was looking for and have an open order for some OEX puts. If we get some more upside tomorrow they might get filled. Gold was up over 3 bucks today. The XAU responded by moving up 3 points. NEM was up good over a buck and a half. ABX was up but it was disappointing, only a quarter on heavy volume. My options are showing a slight profit but the action hasn't been as positive as I would have liked. The price movement just isn't really getting going to the upside. At this point I would rather be holding NEM. But I'm not so I will deal with what I've got. The volume has been good in the gold stocks, so I'm assuming they have more to run. It won't be a straight line mind you but there is over 2 weeks left there. If the OEX trade gets filled I won't be looking to hold on to it forever for that is a much more difficult market to trade. It's only tuesday but the markets seem to be back in a trading mode and hopefully I will be able to take advantage of it.

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