Wednesday, February 23, 2005
We bounced back today. The Dow was up over 60 points on good volume but less than yesterday. Advance/declines were almost 2 to 1 positive. I suppose I will be looking to buy some OEX puts. Maybe a day or two more of bounce. I could be wrong. I need to see where the downtrend line comes into play. The dollar was up a little today after yesterdays drubbing. Gold sold off and came back but did not gain anything. ABX was down a few cents and is stuck below $25. It should take a rest here but I am worried that perhaps the gain is over. The weeklies say otherwise though. NEM was up about a quarter on good volume again and I did put in an order to buy some March calls but the price has moved away from me. Perhaps a pause is due for gold here but I still think the dollar will get weaker and the gold shares will continue to rise. It isn't easy in the game as we all know. Still a couple days left this week so we'll see what happens. The inflation data today was tame. I don't know, perhaps yesterdays sell-off was a climax. I'm not sure but I'm still gonna believe it was the beginning of something bigger. Trading is a solitary pursuit. You must make your choices and live with them. There is nothing else to it than that.
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