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Thursday, May 05, 2005

The market lost 45 points today on a downgrade of credit for GM and Ford. A couple of weeks ago this would have been catastrophic. But the tone of the markets has changed and so we will look for higher prices. Volume was lighter than yesterday and the advance/declines were positive. Employment report tomorrow. Should be a market mover but how much so remains to be seen. Gold didn't do much today and the XAU was down a touch. The dollar didn't do anything either. I'm keeping an eye on gold here for a possible play for June or July. Shorter term I am watching the OEX for a May trade long. I'd like to see a bit of a pullback to get long but the market never really accommodates you. GE continues lower and that makes me leery of the overall picture. But there are always crosscurrents. The summation index is headed back to the upside so that will be the path of least resistance. Not much else to write today. My head is getting back together and that should lead to profits down the road.

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