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Tuesday, October 05, 2004

A mixed market today with the Dow off around 40 points. The OEX and SPX barely moved and were off slightly. The Nasdaq was up a tad. Volume was lighter than yesterday. I really would like to get some OEX puts but am holding off. And fighting myself to do so. I'm thinking the employment numbers on friday will be good to help Bush in his re-election bid. That's just a guess but who knows? The technicals are overbought at this point but could work that off by friday. Sidelines for now. Gold bounced back over $4 today. The XAU was back up 2 1/2 points, NEM was up over a dollar and ABX rose around 60 cents. These are all waaay overbought. There has got to be a pullback. The volume on ABX continues to be robust to the upside and there are 8 days to go on the options. As long as the volume keeps up I'm gonna stick around. ABX just broke the resistance at 21. It should pullback and then resume to the upside. I can't believe it's gone this long. The options have tripled. But nothing has been banked yet. I still haven't gotten the RSI exit signal but it could be soon. It has been a great run so far. My thinking is that the big boys will run gold up into the October option expiration. Again it's just a guess but the volume has been more than I've seen all year practically for ABX. Of course it's nice to have a profit but it will be better to trade it properly in the long run. It's never easy. Tomorrow is another day...

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