This blog will describe Jimmybees latest Market thoughts. It also will include thoughts on Jimmybees ongoing trading.
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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