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Tuesday, November 16, 2004

Dow down over 60 points today as we finally take a rest. Advance/declines almost 2 to 1 negative, with volume a little lighter. Producer prices came out higher than expected. No trades on the OEX for now. Gold was up over $3 and the XAU up a point and a half. ABX and NEM were both higher but not by much and volume was light. No trades pending there either. GE was down 5 cents and continues to remain strong. Need some downside to enter the March call trade. Patience will be required. The January calls remain a winner and I will ride them until the beginning of the year. Pfizer was down a little and I will be waiting around for that trade also. So it looks like I could be in a dormant period here for a while, simply waiting for market conditions to come around in my favor. Or perhaps I am wrong and should step up and buy things now. Always lots of questions in the game with no clear answers. perhaps some short term puts on the OEX could be profitable here. Not sure and will most likely sit it out after the recent lousy trades in gold.

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