Friday, July 01, 2005
The Dow gained 28 points on holiday light volume. Advance/declines were pretty positive though. We are getting oversold both short and medium term here. OEX calls may be purchased next week. Gold got killed to day as the dollar rose to new recovery highs. It was down over 8 bucks. It was quite a day for the gold shares. The XAU was down over 2 points but somehow turned around and finished up fractionally. Amazing. When gold goes down but the XAU doesn't that usually means higher gold shares are in the offing. ABX finished higher and NEM came back to be off just a bit. My NEM calls are right where I purchased them with 2 weeks to go. Might work out or today could have been a head fake to the upside. Interesting to be sure. Don't know what to make of it but we'll see what happens next week. I guess China said something about floating its currency. Will check the news over the long weekend. It will be nice to take a break here for a few days. Mentally I'm a little mixed up with what is going on outside of the market. Will try and search for answers over the weekend. It isn't bad though as I have come to grips with the situation as best I can. It isn't bothering me as much as it did but it's still out there to be dealt with. I think everything will be OK.
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