Nov 8, 2004

Whole lot of sitting...

Today I am just waiting to see what develops. U.S. equities are spinning their wheels at the highs while breadth deteriorates which may lead to some good shorts later in the week or next week. The dollar is fumbling along at multiyear lows, and bonds are weakening slightly. The OSX is off 3% while the HUI is off 1%.

I suppose you could say that today could have been worse given that the SEC investigation of brokerages is a ready made excuse to take profits but I think last weeks rally generated a fair bit of momentum that will take days to bleed off.

Not much to take away from all this except that patience is a virtue.

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