Pageviews past week

Thursday, February 03, 2005

It was a nothing day today. The Dow was down 3 points on average volume. Advance/declines were slightly negative. Waiting for the jobs report. We are overbought. Summation index is pointing up. Wouldn't mind putting on a short here. But I am on the sidelines with regards to the OEX. Gold lost over $4 today and is at a point of no return. We are right at a multi-month uptrend line. If it doesn't hold here then the long term trend will change from up to down. Very important. The XAU lost a point and a third. ABX held up pretty well, only down around a dime. But it is critical to hold here for the long side. The dollar was stronger and is at 84. There is talk of how it is holding up. Tomorrows number may be a dollar mover. There is also a G-7 meeting over the weekend. I don't know how these things will affect the markets, it is a wait and see proposal. My stop-loss is in so there is not much more to do. We will have to see how the events play out.

No comments: