This blog will describe Jimmybees latest Market thoughts. It also will include thoughts on Jimmybees ongoing trading.
Thursday, March 02, 2006
The Dow lost 28 points today on pretty good volume. Advance/declines were negative. It seems the volume has picked up a bit on the downside lately. We have really gone nowhere for a couple weeks and it is very frustrating. The sideways action is not making for any big moves or profits one way or the other. I am leaning towards the downside but have no clear signal. It's getting harder for me to sit it out but I must for now if I can. Gold was up $4 and the XAU rallied over 3 1/2 points. Last night I noticed that ABX was right at the weekly trendline. This is the same line that I am waiting the XAU to hit. I thought about getting some calls but I was too late. ABX had a very nice move and the volume increased. Perhaps the XAU isn't going to go all the way back to the uptrend line. I am going to wait though because I have missed this move and we might come back down again to thwart whoever got calls today. I would like to go out to April on those options. The volume was there though, so I can be positive about getting the calls for gold. Getting back to the overall market, I'm just going to have to wait for something decent to appear as far as a signal goes. Perhaps they will take one last stab at the upside and then that could be it. Just a guess. Mentally I'm doing OK I guess. Sleeping enough, getting to bed on time. I would like to do something in here somewhere but I must guard against trading just to trade. Looking back on last year I made most of my money trading gold. Perhaps I can repeat that again...
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