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Monday, February 14, 2005

The market went nowhere today as the Dow lost 5 points on light volume. Advance/declines were positive. It looks like a holding pattern until Greenspan speaks on Wednesday and Thursday. That's my guess for the inaction and lack of interest. Gold was up over $4 again today as the dollar weakened. However the XAU did not have a very positive day and was up less than a half. Looks like the rally will stall here. Perhaps Greenspan will try to talk up the dollar again. Regardless, I think the tide has turned for gold here and we will be in a multi-week uptrend. ABX was up fractionally on good volume. My calls are still looking good. But whenever gold rises as it did today and the gold shares don't follow, it's usually time for a rest. Hopefully not a full fledged reversal. I really don't have any other trades in the works right now. I'm trying to focus on what I've got and take it from there. Perhaps the OEX is forming a top here. I am not sure and will be on the sidelines until some type of decent signal appears.

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