Wednesday, August 01, 2007
The Dow came back in the last hour, probably on short covering and was up 150 points. Advance/declines were negative and the volume was extremely heavy again. The overall market wasn't as strong as the Dow. Is the decline over? That's a guessing game. We did make a lower low in the indices with the McClellan oscillator higher. That's a short term positive. But the volatility is so high at the moment and the moves compressed that it's anybodies guess as to what happens next. Gold was down over $3 and the XAU dropped 3 1/3. NEM ended down on the day but it could have been worse. It too came back in the last half hour along with the market. Volume was heavy. ABX dropped also. Earnings for NEM tomorrow and I should really just bail out regardless. We'll see. Taking the loss would be the prudent thing to do. GE ended up a 1/4 on heavy volume and made the same final hour comeback. Mentally I'm feeling OK. We are in an interesting period for the markets at the moment. The trouble is that you really don't know what is going on but you know it's something. The uncertainty and the speed at which movements occur has changed dramatically. It makes the trading harder then it already is. As if you needed that. It also presents opportunities and situations to be taken advantage of. Interesting times...
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment