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Wednesday, February 02, 2005

The Dow up another 45 points on average volume. Advance/declines almost 2 to 1 positive. The Fed raised short term rates another quarter point. Ho hum. Nothing unexpected and the markets continue to rise. I would expect a pause here. Either tomorrow in advance of the employment report or on Friday. We are overbought. Gold was flat today. The XAU was up a little over half a point. The dollar was slightly higher. ABX was up about a quarter on light volume. The options I purchased are back to breakeven. The president gives the state of the union speech tonight. Perhaps will have implications for tomorrows action. Not much else, maybe put on a short before Friday. We'll see.

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