Pageviews past week

Monday, October 06, 2008

OK. We are now in the most crazy market situation in quite some time. I'd say it's a once in a lifetime type thing but it was nuts in 1987 too. We closed down about 350 points on good volume. We were down almost 800 at one point. Advance/declines were around 15 to 1 negative again. How long we will go on like this? Who knows. It is a good time to be out of the markets unless you're short. Because there is no rhyme or reason as to what is going on. The technicals just are not working in scenarios like this one. Gold was up over $30 on the futures and the gold shares tanked. The XAU lost over 6 1/2 points and at one point was even about 10 points lower than that. ABX off 2, GG off 1 1/2 and NEM off 1. All on very heavy volume. GG calls=dead. Well not completely but they are blown out and less than 2 weeks to go. The Gold/XAU ratio that I talk about is setting new records every day now. Blown out. GE was off 1/2 on insane volume. Again, was much lower, under $20 at one point. Incredible. Mentally I feel OK, slept good enough. I don't know what else to say at this point really. Unprecedented times. Cash is King. Don't try to be a hero. Perhaps I'll listen to what I write here for a change.

No comments: