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Friday, October 29, 2004

The weekend has arrived. Dow up 22 points on lighter volume today. Advance/declines were positive. Gold was up over $3 today. ABX and NEM were up also but the volume was lighter than it has been lately. I made a trade. I now own some ABX puts. The negative divergence is still there and I am taking a shot here. Not a lot of money at stake here. We are at the top of the trend channel. Not sure what the exit goal will be. GDP was under 4%, how could it not be. The dollar fell but not by much. There is the election to get through. GE was up a tad, the long term options remain in the plus. I still have the open order for Pfizer. Lots of crosscurrents here but decisions must be made and trading must go on. The election looms large. Hopefully we will have a definite winner by wednesday. If not, I think the market will fall. I'm thinking of putting some more long term money to work in the mutual funds early next week. We are overbought on the Dow and OEX though. I'll need to see some weakness. I might get back here this weekend after I've had a chance to unwind from the week.

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