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Wednesday, January 23, 2008

Well it was another wild day on Wall Street. We did finally get the bounce though. The Dow closed up 299 points on what looks like light volume. Advance/declines were over 2 to 1 positive. We were down over 300 points midday. It was that kind of day. The market rose over 100 points in the last half hour. I would have liked to see more volume today but we'll go from here. But where? We are still medium term oversold. I'm not ready to say the decline is over but it could be. There were some opportunities today. More later. Gold lost around $8 while the XAU lost over 5 points. The gold shares were a lot lower but came back with the overall market. ABX lost 1 1/4 and NEM dropped over 2 1/2. Both had very heavy volume. Volatility in the gold shares here also. There's still a buy signal there though. GE was one of the opportunities today as it sold off when the market was down and came back pretty good to finish up over a half on extremely heavy volume. The FEB 35 calls doubled. Another was INTC which I took a look at last night. It moved almost 10% in one day from the low to the high for today. That is unheard of. The FEB 20 calls quadrupled. In one day. I did not have the proper focus to take advantage of these trades. And who knows I may not have had the courage. As I stated yesterday, I'm in a seminar for most of the day. It was planned long before the action of this week which could not be known in advance. So I tread lightly. I did not leave in any orders today. I'll check the charts tonight and decide what to do from there. Success in the markets requires that you pay attention. If you cannot put forth the proper effort, I think it is better to step aside until you can. You gotta make the commitment. Mentally I'm a bit tired as my schedule isn't what it normally is. On to the charts...

2 comments:

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