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Monday, November 08, 2004

The markets traded flat today with the Dow up 3 points on lighter than usual volume lately. Advance/declines were solidly negative though. We are overdue for a pause. The Fed meeting is this week with the announcement on Wednesday I believe. The trade number will out that day also. A lot of chatter about the dollar here. It was up a touch today. It has been dropping for so long it is interesting that only now it is getting some notice. Must be near a bottom then. Gold was off under a buck today, with the XAU and NEM down a little. ABX continues to rise though. I wish I had the guts to get some puts on that now. I'm on the sidelines there for now. GE went nowhere today. I plan on buying some November calls when we get a pullback this week. That is the gameplan for this week. Patience and discipline will be required. Wish me luck. Pfizer was down around 40 cents today. I'd like to get some calls there but am now thinking of waiting to purchase them in December after some expected tax selling. It's a longer term deal like the GE January calls that I own. They are still showing a profit and I doubt they will get back to the price I paid for them. At least I hope not. Anyway perhaps we will get the decline I expect here. Nothing serious I think, because those that missed the recent rise will be looking to get on board. I'll still be watching gold and ABX looks like the leader in this group. Not any other ideas here...

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