Friday, June 27, 2008
Down another 105 points today as the carnage on Wall Street continues. Advance/declines were negative and the volume was heavy again. We are as oversold as it gets. The market will go where it wants but even in the worst of market times, it bounces from here. So I'll have to say we'll have a pretty good up move in the beginning of next week. But that doesn't change the fact that the market has dropped pretty good and longer term there is no end in sight. Presidential election years aren't normally like this. But I suppose that these aren't normal times. Gold was up another 15 bucks and the XAU rose 6 1/2 points. ABX, GG were up 2 and NEM up a half on heavy volume. An incredible break out to the upside and I'm an idiot for not jumping on. I really don't know what else to say there. My trading has taken a turn for the worse since the beginning of the 2nd quarter. I'm stuck in GE now which lost another 1/4 on heavy volume. I'm going to have to cut the loss there as my timing and my thinking were way off. It's beyond frustrating but at least there isn't much money in that dumb trade. It still doesn't change the fact that I missed what I wanted and then took on some stupid trade instead. Mentally I'm spent. Slept well but now I have teeth issues and my dentist is out until Tuesday. So in addition to coping with the markets, my mouth is messed up. Missing opportunities really gets me worked up. I will need to make adjustments. Of course I could not have predicted the move in gold would be so dramatic and so rapid. However I should have reacted to the facts better. Even so, I think there will be a chance to still make some money there in July but the prime opportune time has passed. I'm going to try and just relax this weekend. Of course I'll check the charts but I really need to take a break. I'll try to get to the dentist on Tuesday and go from there. Short week next week with July 4th on Friday. For now it's licking my wounds and trying to forget about the markets for a while.