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Wednesday, November 12, 2008

It's back to crazy time in the markets as the Dow lost 411 points on increasing volume. Advance/declines were 10 to 1 negative. There were no buyers. The summation index has turned around. Do I still think we are forming a bottom? Is the bottom in for now? I certainly thought is was but if we don't hold here now, then I was wrong again. We'll see. Tomorrow should be interesting. Gold lost around $15 and the XAU shed 8 1/2. ABX off over 2, GG and NEM down about 1 3/4. All had decent volume. The dollar gained just a bit and oil was at its lowest level this year. It looks like we are back in the sell whatever is worth something mode. GE lost a buck and a half on extremely heavy volume. The pricing on the options is not making any sense again. The calls I own only lost a penny. No matter, I dumped them for a 50% loss. That was a terrible trade and it could be the last for this year. Not a lot of money there but the tactics were horrible. I did not do what I needed to do when it needed to be done. I'm working on it. I bought another heathcare issue today and that's it for my longer term stock purchases. Mentally I'm feeling a little better, slept well. Still not all the way back as I continue to fight off a cold. The market is even more confusing that usual. If it doesn't hold up here, it will get even more uglier than it's been. And it's been pretty ugly. I did not know what was going on when we collapsed before. The technicals did not work. It has the feel of that again. So we'll see.

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