Friday, January 25, 2008
It was a day that started at the highs and closed at the lows. The Dow lost 171 points on good volume. Advance/declines were negative. Profit taking before the weekend? That's my guess. I will be looking at things to get long here. I think we will chop around and form a bottom. That doesn't mean I will rush in and buy something. But I'll be looking for an oversold condition and take my chances then. Gold was up another 5 bucks but the XAU closed off a third. ABX was up over 1 1/2 on good volume though. It remains a leader. NEM and HL were both up slightly. I may try some HL February calls but I need to check things out over the weekend. I think we are overbought but that doesn't mean we can't stay that way. GE lost a half on good volume. It hasn't acted that good since the initial surge off the lows. Probably won't go there. I'm keeping an eye on INTC and perhaps will try the calls there. It lost 3/4 on heavy volume today. Again , I'll have to check things out over the weekend. Mentally I'm tired from the seminar this week. I need to get back to the normal schedule and that happens next week. There is a lot to catch up on this weekend and I'll go from there.