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Tuesday, October 12, 2004

This site has been screwing up lately. The Dow was basically unchanged today, down around 4 points on lighter than lately volume. Advance/declines were negative. I don't have a clear signal but would like to buy some OEX calls. I'm trying to do the right thing which in this case may be to do nothing. Gold got killed today, down $7. The XAU was off almost 3 points and NEM was down over a dollar. ABX lost ground also. Perhaps my feeling that the gold stocks would be run up into the expiration was wrong. It's looking that way now. Oil sold off today also and all the commodities seemed to take a hit. I'm still looking to get long for November and ABX has pulled back to the $21 breakout point. Lots of time but I will have to wait for the technicals to give a signal. Patience will be key and it usually is. GE was unchanged. The summation index is pointing down now so it's tough for me to make a commitment to the long side. Anything can happen expiration week though.

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