Friday, March 18, 2005
The Dow lost 3 points on an expiration heavy volume Friday. We were down a lot more earlier. Advance/declines were negative. We will bounce on Monday or Tuesday. We have to. Very oversold right here. I am also getting some signs that we could be approaching a major bottom. The indicators are looking that way even though there is a lot of negative talk around. Gold was up just a little today but the XAU was down a point. NEM was actually up and ABX dropped which is a switch from the usual activity. I'm not sure how much of todays action was expiration related for the gold shares. The dollar was higher again and we are near a downtrend line, short term. Inflation reports and the Fed next week, so although it is a short week it could be an important one. I'd like to get long gold again but not sure. However I will probably do something if I deem an opportunity is at hand. Sometimes the month before taxes on April 15th just moves sideways. I've seen it before in the past. So perhaps patience is a necessity here. Tough game to play. Also the option premiums will be higher due to the time remaining. So I will try and be careful. I will check things over the weekend and get back here next week. I'm playing golf Monday so the posting will be later than usual.
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