This blog will describe Jimmybees latest Market thoughts. It also will include thoughts on Jimmybees ongoing trading.
Wednesday, April 06, 2005
The Dow was up another 25 points or so on light volume. Advance/declines were almost 2 to 1 positive, which should change the direction of the summation index to upwards. This is a weak rally though. There is no enthusiasm. It is not robust. We are in a meandering atmosphere. I can't get excited here. GE didn't do anything. The April calls still have no bid and will be total losers. The May calls have been cut in half and I should probably just get out and move on. I would like to wait for the earnings though and there is a lot of time left. But these combined trades were no good. I was wrong and should have left them earlier. I was most likely feeling invincible after the good gold trade. Gold was up a bit today as were NEM and ABX but the volume just wasn't there and I am trying to wait a week to do something there. Hard to say with the dollar in a holding pattern as well. 85 is the resistance and it is still valid for now. $425 is the support for gold and it is hanging in there as well. There is nothing else on my radar except for oil which was down a bit today. A drop in oil will rev up the market but that is yet to be seen.
No comments:
Post a Comment