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Wednesday, November 03, 2004

Bush wins and a rally ensues. Dow up 100 points on heavy volume. Advance/declines 3 to 1 positive. Way overbought here. But it can stay that way for a while I suppose. GE was up but nothing spectacular. Gold was up $4 and the XAU was up over 2 points. ABX and NEM had good gains with ABX having good volume. The options I have are barely profitable now. Yesterdays 100% gain is a thing of the past. The dollar lost ground today and its downtrend may resume now. The employment number friday will be key. If it's weak the dollar could fall further and that would be positive for gold. The gold stocks charts aren't completely oversold yet so it's a toss-up really. Not sure what I will do here. Probably hold on until friday but we'll see. As I have said many times before, trading isn't easy. The toughest game in the world I believe. At any rate, decisions have to be made and the consequences have to be dealt with. I'm expecting some sort of pullback in the stock market but it hasn't happened yet. I'm a little tired here so that's it for now.

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