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Thursday, August 24, 2006

The Dow was up 6 points on summer light volume. Advance/declines were positive. The overall market was higher than the Dow. I think higher prices are in the offing. No trades here though as I am trying to remain patient. Gold was down around $4 and the XAU lost 2 1/2 points. Volume was lighter on the decline. I have no trades there right now. I think the dollar will weaken and that will help gold but we are short term overbought. I'm trying to stay on the sidelines there as well. Not much else to say. I'm sticking with my scenario of a decline here in the fall but it may take longer to develop. October puts could be the play. I'll just wait and see for now and perhaps even get long early next week if it all lines up right. Mentally I'm getting caught up on what I need to do. Summer doldrums are here and we'll just have to see how long this lasts...

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