This blog will describe Jimmybees latest Market thoughts. It also will include thoughts on Jimmybees ongoing trading.
Thursday, February 22, 2007
The Dow lost 52 points on what looks like extremely light volume. Advance/declines were negative. Not any news out and the overall market was stronger than the Dow again. I don't know what it means and have no OEX trades at the moment. Gold was down a buck and the XAU moved around a bit but ended little changed. ABX came out with decent earnings and ended up selling off on heavy volume. I was fortunate to be in NEM which had good earnings too but rose 3/4 on very heavy volume. It did sell off during the day but I sold my options early for about a 45% gain. Both of these issues are overbought and I would expect them to take a rest here. It looks like they have moved as much as they can for now. The earnings came out good and gold moved higher by $20 yesterday. There is no more good news to come out and move these things higher right now. That is my thinking at the moment. I will perhaps look to get long again when they pull back. NEM is also at some key long term resistance. So I'll try and be patient. Mentally I feel good about bailing out of this trade today. It was a short term thing and I played it that way for a change. I really could have made some good money if I had looked at NEM earlier yesterday instead of ABX. But I salvaged something and that was a good thing. You have got to keep moving and make adjustments to be successful in the game. Especially on the shorter term deals. I'm a bit tired now but will rest up tonight. I'll have to look to next week for the next trade unless something turns up before then.
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