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Thursday, January 08, 2009

The Dow lost 27 points on light volume. Advance/declines were positive. The overall market was stronger than the Dow. It was a wait and see type of day with the employment report coming tomorrow. I can't think that there will be any good news there but the market will do what it wants. It seems to want to go higher. Gold gained $12 and the XAU rose 6 points. ABX and NEM both got back over $2. GG was up more than a buck. Volume was good. I think the gold shares are a good play if we get oversold enough. I don't know if now is that point. So I'm staying on the sidelines there. However if we get a very weak number for employment tomorrow and the dollar tanks, then gold should do well. We'll see. GE didn't do much and was up a few cents. It sold off and came back on the day. My calls are dead and unless there is a good day for GE tomorrow, they need to be sold. Mentally I'm a bit tired, did not sleep well. At this point it's just a matter of waiting for tomorrow and going from there. Taking losses isn't the easiest thing in the world for me to do but sometimes it's just got to be done. Tomorrow could be one of those times.

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