Tuesday, July 01, 2008
Well the market is trying to hang on here. The Dow gained 32 points after being off as much as 170. Advance/declines were negative and the volume was extremely heavy again. It's working off the oversold condition but we really aren't seeing much of a bounce. That could lead to even more trouble. Interesting times indeed. Where we go from here, I don't know. The summation index is in negative territory and about at an intermediate term buy signal. But nothing conventional has been working lately. Employment report on Thursday and a shortened session for the holiday. Gold was up another $15 today and the XAU gained 2 1/4 points. ABX, GG and NEM were all higher, GG by 2 bucks. Volume there remains heavy. The dollar lost a bit of ground today. ECB meeting on Thursday too. GE was up another 40 cents on heavy volume again. Could this be the bottom in GE for the time being? We'll see. I have an order in to dump the calls at a profit if it ever gets there. The timing was all wrong on the entry there. Yes, it was a dumb trade to begin with. Earnings Friday of next week. I really hope it doesn't come down to that. Mentally I'm doing as well as can be expected. Trying not to think of the missed gold trade and going to the dentist later this afternoon. So things could be better. Still waiting for a pullback in the gold shares but it isn't coming. So we go to tomorrow. There is a lot of fear in the market and that usually leads to a bottom. However my call/put ratio isn't as bullish as it could be and my TRIN reading isn't as oversold as at other times when we formed decent bottoms. We'll see what happens.