Tuesday, April 19, 2005
No post yesterday as I was out to play golf. The markets stabilized yesterday with not much movement although the XAU rallied over a point. Dow was off 15 points. Today the Dow gained about 55 points on good volume. Advance/declines were almost 3 to 1 positive. GE hasn't moved and I did have a chance to get out on Monday but did not take it. The fact that the market hasn't completely collapsed here is a positive but there's always tomorrow. We'll see what happens. Gold was up over $5 today and the XAU gained over 2 points. Gold itself never broke its long term trendline. But the XAU certainly did. That is why I was so quick to dump those NEM calls and take a loss. Perhaps I was wrong. But at the time it seemed like the right thing to do. Volume has come back into gold on the upside and I will reassess what I'm going to do there. It could just be a snapback. Not sure at this point. I'm cutting this short here now as I am pressed for time.
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