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Friday, September 17, 2004

Option expiration was pretty uneventful as has been the case with the overall market lately. Dow up 40 points with advances slightly ahead of declines. Volume a little heavier than we've seen. Gold barely moved. The XAU was down less than a point. The news was in NEM. It was downgraded today by some Wall Street firm and lost a buck and a quarter on very heavy volume. ABX was off a fraction. Do I get long NEM? Yes, but not yet. Perhaps next week but it will depend on the action. Fed meeting on tuesday. We shall see. If the XAU can hold above 91 then I am getting long NEM for sure. If not then all trades are off for the long side. Would like to get some October OEX puts at some point soon. Will have to check the charts this weekend and get back here on monday.

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