Wednesday, June 29, 2005
The Dow lost about 30 points today on average volume. Advance/declines were positive though. This implies higher prices in the days ahead. The Fed announcement is tomorrow and the end of the quarter. Could get interesting. Gold did not do much today but the XAU rallied strongly, up over 3 points. We are at a major downtrend line and if we somehow get through it there will be higher prices ahead. NEM was up over a point and so was ABX. The calls I bought yesterday are in the black. However the move in ABX is much higher percentage-wise and those options are doing really well. ABX did show better relative strength but I did not expect it to move like it did today. The volume was heavy also, telling me that it's for real. NEM volume was not all that impressive. And so it goes. ABX is very overbought here. NEM is not as blown-out on the technicals. If I had any guts or brains I would have bought some of each as I originally did a week or so ago. But there are no guarantees in this game. Crazy as it is. Guess I'll just wait for tomorrow and mull over where to put the sell-stop. Mentally I'm doing better as I suppose I will just let things go where they will and not press the issue as I thought I might yesterday. That seems to be a prudent course of action at this time. That too, could all change on a moments notice. I'll try and relax tonight and when tomorrow is over there will be a long weekend to look forward to.
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