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Wednesday, October 20, 2004

The Dow down 10 points today on good volume again. The volume has picked up here for some reason lately. Advance/declines were positive. The market had sold off but came back some. GE was down and I now have a GTC order in for the January calls. Plenty of time for this trade. I don't normally go out so far in time so we'll see what happens. Gold was up another $3 today. The XAU went along this time, up almost 3 points. I did put an order in for some ABX calls since my other GTC order had not been filled. The price moved too far so I canceled the GTC and went up to the next strike price. After not being filled for an hour or so I checked the charts and although I do like this idea, it looks like I have missed the move this time. ABX has already gone up a dollar. Perhaps it will come back and build a better base. I canceled the order. I would like to be long before the earnings next tuesday but it has already started to move. We'll see what happens. NEM was up over a buck today on heavy volume. So the money continues to flow into these issues. I'll try and find a way to follow it. No OEX trades for now. Premiums too expensive. Summation index still pointing down but the McClellan oscillator looks oversold. That's it for today.

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