Tuesday, August 07, 2007
It was another crazy day in the markets with the Dow ending up 35 points. Advance/declines were positive and the volume was very heavy again. The overall market was stronger then the Dow. We were both up and down over 100 points during the day. The volatility remains one of the key issues right now. It's possible that the decline is now over but I do think a retest of the lows is in order. The Fed left rates unchanged and had its usual blabbering statement. The market sold off and came back. It's been an interesting summer. Gold was off a buck but the XAU rose over a point. ABX and NEM both ended higher with fractional gains. They too moved all over the place during the day. Volume was OK there, nothing great. The dollar is holding up here so far. The XAU seems to just be following whatever the market does at this point. GE was up on good volume. I'm not looking to trade that issue here just yet. However it has turned around and perhaps my scenario there will not come to pass. Mentally I'm a bit tired, did not sleep well. Also the volatility day after day takes its toll. As I've said before the moves become compressed and you really have to pay attention. You need to have a game plan and stick to it. Anything else won't work. This week has started out very positive but where will it end? We'll see...
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