This blog will describe Jimmybees latest Market thoughts. It also will include thoughts on Jimmybees ongoing trading.
Wednesday, March 09, 2005
The Dow got clocked today, down over 105 points on heavy volume. Advance/declines were 4 to 1 negative. Haven't seen action like that in a while. This will turn the summation index down and a sell signal is in place. It didn't last too long the last time this happened. We'll see what happens this time. Oil was over $55 for a while and bonds got a mention for selling off. The dollar was weaker today but gold did not move. The XAU was up half a point and NEM rose around a quarter. But ABX, which has been leading, dropped and formed a doji on the daily charts. I think this part of the move could be over. The NEM calls are still in the black and I moved up the stop-loss order. But I am getting the feeling that I should have dumped them today. The trade number looms large on Friday. But with everyone focused on it, I fear it could be a non event. The ABX action concerns me. Looking back buying some puts on the OEX on Friday would have been a good move. There was a sell signal on one of my indicators. Perhaps I was spending too much time on gold, which probably was the case. Trading is a tough game. I am still, after all these years, working on my game. There are no easy answers. Hard work is what it takes and there is always room for improvement.
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