Thursday, March 13, 2008
Today a one day reversal to the upside as the Dow gained 35 points on heavy volume. We were off more than 200 points early and came all the way back. Advance/declines were positive. It seems as if we are trying to put in some type of bottom here but it is no sure thing just yet. Hard to say exactly what is going on but the expiration week gyrations are starting early due to next Fridays holiday. Hard to trade it right here as the risk is high. Weak retail sales data today and we get an inflation report tomorrow. Might hear the case for stagflation again. Gold was up $13 today and the futures hit $1000 for the first time today. The XAU gained 7 points. ABX and NEM were both up over $2 and GG rose 1 3/4. So much for my thoughts on shorting this group. It's a momentum driven gold market here. But we are still going straight up and that never ends well. GE was up almost a 1/4 on heavy volume again. We are almost at the weekly down trend line here. If we get through that it will help put a stop to the overall down market that we've been in since late last year in my opinion. But it hasn't happened yet. Mentally I'm feeling much better. Got a decent nights sleep and that helps a lot. Trading all the time can be a drain. You've got to balance things out once in a while. That doesn't mean you pack up and are not paying attention. It does mean that you pick your spots and try not to make it so intense by trading every tick in the market. It isn't an easy game and it's best to try not to make it any harder.