Thursday, December 21, 2006
The Dow lost 42 points today on light volume. Advance/declines were negative. One more day before the holiday weekend and I don't expect too much. Should start a holiday rally sometime next week. Gold was down around 3 bucks and the XAU lost about 2 1/2 points. Light volume there as well. Again as I've said, we're just marking time. On a bigger picture, yesterday the price of copper breached $3 to the downside. This was one of my benchmarks for the overall world economy. We should expect a slowdown to accelerate now. I expect that worldwide GDP will lessen as we go forward. That doesn't mean inflation will be gone, just that I expect growth will be less. That will impact profits and eventually market prices. It also should lead to a stop in interest rate increases or perhaps some rate declines. That is my big picture scenario at this time. I was wrong last year on my market call and that's something I won't forget. But you gotta just keep moving on. Anyway this years trading resulted in a net loss of a little less than 3%. It wasn't a good year. I sustained my highest single trade loss ever. That will not happen again. My win % was terrible too. There are things that I need to work on and I am getting to that as soon as possible. But for now it's time to wind down and relax for a few days. The holidays are here.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment