This blog will describe Jimmybees latest Market thoughts. It also will include thoughts on Jimmybees ongoing trading.
Wednesday, March 08, 2006
The Dow was up 25 points today on average volume. Advance/declines were slightly negative. We were down over 60 points and bounced. That's all I think this is for now. It is a somewhat confusing market here because we have collapsed on the summation index and McClellan oscillator but prices have held up pretty good. I don't know what to make of it. Perhaps will buy puts tomorrow if we get to the downtrend line. Gold got killed today, down over $12. My overnight orders got filled right away in the morning. I'm nervous but that is nothing new. The XAU ended down about 3 points and ABX was off around 50 cents. Amazingly the options are about where I bought them. The XAU has to close the week at 128 or above for that trade to work. It's at 126 and change. I really need to get out of that as soon as possible because there is a chance that the uptrendline will be broken. We'll know more in the next couple of days. I also might dump the ABX calls if they get profitable because I think we will move sideways and I can get them cheaper within the next couple of weeks. But it is just a guess. We do need to hold the line here and only time will tell on that. But this is the area to take a chance so we will see what happens. Mentally I'm a bit tired but it's manageable. Thinking that I have to check the charts thoroughly tonight. The time is now...
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