Friday, July 29, 2005
The Dow lost 65 points today on contracting volume. Advance/declines were negative. End of the month profit taking? I wouldn't know. A lot of bullish talk lately. So I'll look for lower to sideways action. Gold was up another couple bucks today and the XAU was lower. I think we are going to break down on the XAU here. If we can't rally with higher gold then I think there is trouble ahead. I could be wrong. ABX had good earnings and could not get going. I want to get long but if the technicals don't support that I'm sitting tight. Looking at GE again but nothing doing there yet either. It is the summer. 3 weeks to go for August options. I'll try and find something but no guarantees. Patience is sometimes necessary and this could be one of those times. Mentally I'm taking it easy, trying not to stress out one way or the other. The weekend has arrived and I'm going to try and take it easy.
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