This blog will describe Jimmybees latest Market thoughts. It also will include thoughts on Jimmybees ongoing trading.
Monday, October 23, 2006
The market was up 114 points on good volume. Advance/declines were positive but not by a lot. How long can this go on? Nobody knows. But the internals are starting to get weaker on the advance. The McClellan oscillator has another non-conformation. Eventually there will be a decent decline. I have tried to pick it and now I have stopped. The market is not functioning under normal circumstances. It is a momentum run and they never finish good. Something will trigger the inevitable reverse. Perhaps the Fed on Wednesday. But it is all just a guess. Gold was down over $13 and the XAU rose a point and a half? Try and figure that out. The gold shares had good volume. It makes no sense. I would still like to get some ABX calls but I won't overpay for them. This too, is not the conventional movement given the change in the underlying. What am I to do I ask myself? Sit tight for now I suppose. Mentally I'm confused and so I must wait for better times I guess. But we all know how that goes. Most of all I must protect myself from myself and what a difficult challenge that always is. So it goes with trading. Perhaps tomorrow will shed some light on things.
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