Friday, August 10, 2007
The week has ended. The Dow lost 31 points on the now usual extremely heavy volume. Advance/declines were negative. We moved all over the place. Sold off early and came back. Are the markets manipulated? I have seen these types of conditions before. They will do whatever they can to stem off a panic. We haven't even gone down 10% from the high set a few weeks ago. But it feels like a crash. My guess is, judging from todays action, that they will hold it in here for now. The indices will have a bullish candlestick chart day today. If we can follow through to the upside Monday then I think the worst is over for now. So we'll see. That doesn't mean it's over, that's just my guess based on today. Gold was up $10 and the XAU rose a point and a half. Volume was heavy. It's hard to try and figure what to do here so I'm staying out for now. ABX continues to impress, up a half on good volume. The weekly chart looks toppy here or I would get the calls. I probably will down the road. GE lost around 3/4 and it was off almost a dollar more then that earlier. The volume was twice the norm. This issue will have a bullish hammer or hamari on it's daily candlestick chart with strong volume. This usually means the bottom is in. So we'll see. Mentally I'm a bit tired, not a good nights sleep. Not to mention the volatility which really takes a lot out of you on a day to day basis. But you just keep going. Expiration week is on tap. Who knows what will happen? I think we will bounce early in the week but that's just a guess as usual. For now it's the weekend and a chance to catch your breath.
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