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Thursday, October 28, 2004

Not a lot of movement today. The Dow was up 2 points on good volume. Advance/declines were about even. It is good to see that the volume has come back into the market. We are somewhat overbought here and a pullback before the election is expected. Tomorrow we have the first GDP report for the 3rd quarter. Around 4.5% is expected but I can't see it coming in that high. We'll see. Gold did not move much today but the XAU was off a point and a half. ABX and NEM were both down. Still a negative divergence on a couple of gold share charts. That may prove worth standing on the sidelines for now. The dollar was down a little today. GE was up a tad and the January options are showing a profit. I'm holding these for the long haul barring some unforeseen event. Pfizer was down today and I am leaving the open order active. Oil was down another buck and a half. China raised its interest rates which was a mild surprise. More tomorrow...

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