Friday, April 29, 2005
The Dow gained over 120 points on good volume. Advance/declines were almost 2 to 1 positive. I don't know how much of this is end of the month related. The volume came in heavy at the close. Not sure it means anything one way or the other. Next week all eyes on the Fed. That will be the key followed by the employment report. We'll see. GE was up 50 cents but the options did not move. 3 weeks left which might let me cut the loss a bit. Or they will be total losers. Bad trade no matter what. Gold rose $4 today on some China yaun rumors. The XAU had a bounce of a point and a half. I think it's too early to go back into that market but I will keep an eye on it. I will need to check the longer term charts over the weekend. Oil closed below $50 for the first time in quite a while and that added fuel to the stock market. Don't know how long that will last though. I figure Monday and Tuesday will be a waiting game on the Fed. Would like to see sideways action into the announcement. But you really can never tell. It is an interesting game and always a difficult one. I'm trying to get my head right to make some money in May. Perhaps I can clear things up. But now it's time to take a break for a couple days and get back at it Sunday night.
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