This blog will describe Jimmybees latest Market thoughts. It also will include thoughts on Jimmybees ongoing trading.
Tuesday, April 12, 2005
Turnaround Tuesday. We were down over 80 points in the morning. But then the Fed minutes came out and a rally ensued. Ended the day up 60 points on good volume. Advance/declines were positive after being 3 to 1 negative. That folks, is a one day reversal to the upside. We'll have to see where we go from here but I still say the downtrend is over. Probably will run this thing up into the expiration but there are no guarantees. Even GE was up a bit but not enough for those April calls. Earnings on Friday. Gold didn't do much and the XAU came down to support on a weekly basis. I placed an order for some June NEM calls. When the market started to rally, so did the gold shares. I modified my order to increase the buy price and somehow got a partial fill. Now I hate getting a partial fill but if this is the right time, I was lucky to get what I did. Of course nobody knows if this is the right time. I also later placed a GTC order for some ABX calls, going out to July. Don't know if I will keep that trade on. The dollar was higher today but sold off a little after the Fed minutes. I don't know if this gold trade is going to work but now is as good a time as any. Stop-loss orders will be in place tomorrow when I get the fills and I'll go from there. There is a RSI divergence in NEM that I am counting on working. None right now for ABX but there is also a divergence in the XAU. I'm not overly confident that this will work but there is a lot of time and things could go my way. I guess we'll see what happens the rest of this week, especially with GE. If the earnings cause a pop, I might just pop out.
No comments:
Post a Comment