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Thursday, July 24, 2008

Back to the downside today as the Dow dropped 283 points. Advance/declines were about 4 to 1 negative and the volume was OK. I don't think it's the beginning of a major decline here. A retest of the recent lows is in order and this could get us started. I'll be looking for some OEX calls if we get back to the recent lows or become short term oversold. Gold was flat today and the XAU lost 3 points. ABX and GG were basically flat today while NEM was up 1 3/4 with good earnings. The volume was good on all three issues. The gold share buy signal reading that I look at is at the highest I've ever seen it. I almost bought some more GG calls today but didn't have the guts. Perhaps if I would have exited the losing position I'm in earlier this week I would have bought them. Can we keep going down here on the gold shares? Of course we can but the odds now favor some type of bounce at the least. GE was off 1/2 on average volume. Considering the drop in the overall market, GE held up pretty well. It might be a place to look to get long if the decline continues. Mentally I'm feeling fine, slept well. The line between success and failure gets pretty thin sometimes. That's how I'm feeling at the moment. It's not an easy game as I've said in the past. You've really got to on your game at all times. It's hard to do consistently but that's part of the challenge.

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