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Thursday, December 02, 2004

The market didn't do much today after yesterdays big rally. The Dow was down 5 points on heavy volume again. Advance/declines were negative. It usually isn't a good sign when the market goes nowhere on heavy volume. The employment report is out tomorrow and that will be the key for Friday. My instinct says the market is overbought and will sell off. But what do I know? Not much. Intel was down today ahead of its report after the close. The calls I own lost whatever profit they had and are break-even. The news looks positive after-market though. Still have a conference call to muddle through. GE was down but those March calls I'd like to get didn't move. The January calls are still in the black. Hopefully I'll be able to get those March 37.5's. Gold was down around 4 or 5 bucks today and the XAU got slammed again. It was off about 3 and 1/2 points. ABX and NEM were down on heavy volume. Could be the start of the unwinding of the long gold trade. Oil was routed again off over another $2. The dollar was up a little but anytime it doesn't go down is viewed as a positive. Bonds still in decline. Pfizer has done nothing but go up lately. I still am looking for the tax loss selling at some point this month for that issue. Might get some calls then. Like I said before, I would not be surprised if we got some sort of sell-off in the market tomorrow. But it looks like Intel is rallying pretty good in the after-market. Who knows?

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