Wednesday, April 06, 2005
The Dow was up another 25 points or so on light volume. Advance/declines were almost 2 to 1 positive, which should change the direction of the summation index to upwards. This is a weak rally though. There is no enthusiasm. It is not robust. We are in a meandering atmosphere. I can't get excited here. GE didn't do anything. The April calls still have no bid and will be total losers. The May calls have been cut in half and I should probably just get out and move on. I would like to wait for the earnings though and there is a lot of time left. But these combined trades were no good. I was wrong and should have left them earlier. I was most likely feeling invincible after the good gold trade. Gold was up a bit today as were NEM and ABX but the volume just wasn't there and I am trying to wait a week to do something there. Hard to say with the dollar in a holding pattern as well. 85 is the resistance and it is still valid for now. $425 is the support for gold and it is hanging in there as well. There is nothing else on my radar except for oil which was down a bit today. A drop in oil will rev up the market but that is yet to be seen.
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