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Friday, November 14, 2008

Back to the downside as the Dow lost 338 points on average volume. Advance/declines were 3 to 1 negative. We opened lower, fought back to show a gain and then dropped hard in the final hour. It's back to crazy time in the market. I'd like to say I know which way this thing is going to go but I don't. I'm sticking with the theory that we are forming a bottom and the lows will hold. It could be just a sideways affair though. Gold was up over $30 on the futures today but most of the gains in the gold shares came late yesterday. The XAU lost 4 1/2 points. ABX and GG lost about a buck, with NEM down 2. Volume was good. I may go out to January on the gold shares via calls in the coming weeks. We'll see. Just a thought at this point. GE lost a buck on heavy volume. May try the calls again here as well. But it's a tough call. The markets are in a strange place. Mentally I feel OK, slept well enough. I'm moving on from the last trade and missed opportunity. It's all I can do. One week left for the November option cycle. May try something next week but I'm not completely sold on the idea. Big economic summit this weekend but I doubt anything will come from it. As usual, I'll check the charts and go from there. For now it's time to step back and take a break.

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