This blog will describe Jimmybees latest Market thoughts. It also will include thoughts on Jimmybees ongoing trading.
Friday, June 22, 2007
The Dow lost 185 points on very heavy volume. Advance/declines were 3 to 1 negative. The summation index has rolled over and the trend is down. I have no reasons for the decline but my belief is that we are going to set up for a summer rally. But I'm not so sure as I was before. There is a possibility that we have put in a double top in the indices. The measuring objective for the OEX would be 660. Time will tell and I'm really not sure as I haven't been able to figure things out lately. Gold was up over $2 but the XAU fell 3/4. ABX continues to rise despite the market. It was up slightly today on good volume in a down market. I get the feeling that something is going on here but I certainly don't know what. The relative strength stands out and I do want to get the calls if it ever pulls back. Perhaps I will get a chance next week. GE was down today and the volume was pretty good there. It is almost back to the breakout point at 38. I would like to get the calls there but the overall market action has me worried. None the less, I am probably going to give it a try. Mentally I'm feeling fine with a good nights sleep. I am a little frustrated with ABX since I don't own the calls and it keeps moving higher. But there is nothing I can do about that at the moment. Like I said we'll see about it next week. The market action has me concerned because I did not expect such volatility at the beginning of summer. It is normally a slower time. So we'll see what happens. Fed meeting next week and I'm sure we will move off of that. For now it's the weekend and I will try and relax for a couple of days...
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