Friday, March 04, 2005
Rally round the employment report. Dow up over 100 points to new highs for the year. Advance/declines over 3 to 1 positive and good volume again. Looks like the year ending in 5 pattern could have legs. Long way to go though. No OEX positions. Gold was up $4 as the dollar weakened even with a good jobs report. Confusing but we shall just listen to the market. The XAU was up over 2 and 1/2 points and is again right at the resistance of 100. Volume wasn't spectacular for the gold shares. ABX continues to outperform and has broken above $25. In hindsight of course I would still like to be a holder of those calls I had. But at the time, I had to take the profit. The NEM calls I have are slightly in the black. And sure, I could have gotten some more cheaper yesterday. I'll hold them for now but I can't say I'm excited about them. The summation index should be pointing to the upside again. We aren't near overbought yet, so 11000 could be in the cards for the Dow. It is the weekend and I will try and take a break and rethink this NEM position. I've got to try and come up with some type of gameplan for the next 2 weeks. I can't say I'm as bullish as I was a few weeks ago. My thoughts are scattered at this point.
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