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Thursday, September 02, 2004

Finally some movement today as the Dow gained over 120 points. Advance/declines were almost 3 to 1 positive. The volume was light again and that has been the problem with this recent rise in the market. I don't know if it's believable. We are right at some multiweek downtrend lines in all the major indices. But we are approaching them on weak volume. I would like to get short when we get there which could be tomorrow. Employment report tomorrow. That will be key. There was talk today that the number is already known and that is why we had such a good rally today. Who knows? We'll see tomorrow. Gold was down $4. The XAU was down less than a point. ABX and NEM were off slightly. Considering the drop in gold the stocks held up rather well. Again, how the dollar reacts to tomorrows news will be key. GE was up today but not a lot and the volume was light. Important report tomorrow and then a long holiday weekend. Things could get interesting...

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