Thursday, March 27, 2008
Another downer for the markets today as the Dow lost 120 points. Volume was light again and the advance/declines were less than 2 to 1 negative. Almost at a short term oversold point and will be with another day like today. The market really doesn't seem like it's going anywhere at the moment. After such extreme volatility that we've seen lately a couple of 100 point down days don't seem like much. End of the month and the quarter approaching, that could be interesting. But for now it's really a wait and see time until a valid signal appears. Gold was little changed but it did sell off early in the session. The XAU dropped 2 1/2. ABX, GG and NEM were off 1/4, 1/2 and 3/4 respectively. The volume was light. The dollar stabilized. I'd still like to get long the gold shares after we build a base but we'll see. GE was off about 1/4 on light volume. No reason to trade there at the moment. Mentally I'm feeling OK. Trying to remain patient here, there is no need to force things at the moment. It's a waiting game at this point really and that is sometimes hard to do. No trades in the pipeline. It's simply a matter of keeping an eye on things and waiting for the next perceived opportunity. It may not be exciting but you don't lose anything either.