Pageviews past week

Monday, October 18, 2004

Monday in the markets. Dow up over 20 points on average volume. Advance/declines were positive. Lots of data out tomorrow with inflation and housing reports. I'm thinking the market can rally a bit here but I'm not convinced it can sustain it. We'll see. Gold was off a couple bucks today. The XAU was down around 1 3/4 points. ABX and NEM were both down but not much on average volume. I placed another GTC order for some ABX calls. We are getting near the uptrend line and I am banking on it holding. ABX announces earnings next tuesday and I'd like to be long before that. It is oversold on the daily charts also. Gold is around $415 and needs to hold $410. If not I will assume a downtrend is underway. GE was up today but the technical picture is mixed and not giving a solid buy signal yet. Would like to see it pull back before committing to the January calls. Not much else on the radar screen. With a 5 week option cycle the prices are expensive. However if a legitimate signal appears it must be acted on. I've got jury duty tomorrow so I will be unable to follow the markets as usual. Hopefully it will only be for one day.

No comments: