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The Nasdaqdeclined 40 points on December 7 on big volume of 2.61 billion shares and is called a"Sign of Weakness". A "Sign of Weakness" right after a short term highis a bearish sign and warns that a potential short term high may be forming.
On Tuesdaycommentary, we said the following and for the moment we see no reason to change from thisview, "On the XAU, appears a possible "Right Shoulder" is in developmentand may last into late January of 2005. Thispotential "Right Shoulder" should find support near 96 and resistance near 110area. Therefore the XAU may be in aconsolidation phase for several more weeks. We ultimately expect the XAU will head to the150 range and possibly to 180 range. Sincethe decline from the January 2004 at 113 area down to May 10 low near 77 appears to be a"last Point of Support" then the next phase that the XAU market should lead intois a "Buying Climax" which is still at least 6 months away."
We double our positions in BGO on (7/30/04) at 2.34 and we now have an average price at2.70. BGO appears to have started the next impulse wave to the 4.00 range.
Tim Ord
email me at: tim@ord-oracle.com
website link: www.ord-oracle.com
Mr. Ord is president, editor and publisher of "The Ord Oracle" that wasestablished in 1990 as a Monday through Thursday email report that trades the S&P,Nasdaq and gold issues.
Tim Ord earned a Bachelor of Science degree as a Mathematics teacher from the Universityof Nebraska in 1973. He become a Stockbroker in 1977 and worked his way up to VicePresident and Senior Option Principal in 1981.
In 1988, using his own account, he place fourth nationally in the option division in"The United States Trading Championship". He has written several articles thatwhere published in the "Stock and Commodities Magazine". His first articleappeared back in June 1991 where he introduced a new trading method using the N.Y.S.E.tick index. Now a contributing editor of Technical Analysis of Stocks and CommoditiesMagazine, he presented this new technical trading tool using the N.Y.S.E. tick indexcalled “uptick” and “downticks”. This tick index method is now usedworldwide by short term traders, and was published in a recent article in "Stock andCommodities Magazine" (5/2004). This method was derived from the works of RichardWyckoff, a gentleman who did extensive study with price and volume back in the 1930's. Mr.Ord expanded and simplified his studies, and was one of the speakers on technical analysisat the Dow Jones Telerate Seminars in Las Vegas in 1995.
Tim Ord has over 25 years in trading experience, having traded the OEX index options sincetheir inception in the early 1980’s, and is frequently a guest on financial ratioshows from coast to coast, and is f requently listed in the top 10 market timers in thecountry by "Timer Digest" (Ranks market letters by performance), in 2002,Schreiner Capital Co. placed Mr. Ord 9 out of over 300 money managers in performance. In1988 he entered The United States Trading Championship competition in the option divisionusing his own account and placed fourth nationally. Timer Digest (203) 629-3503 had rankedThe Ord Oracle #3 in performance for 1999.
His market opinions are featured regularly on Reuters America along with weekly on WCIU TVin Chicago and biweekly on TFNN radio.
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