Wednesday, October 24, 2007
A wild day on Wall Street as we road the roller coaster down and then back up. The Dow ended down a point on very heavy volume. Advance/declines were negative. We were off over 200 at one point. Volatility has returned. I still do not expect an extended downturn in the markets here but I suppose anything can happen. The overall market was weaker then the Dow. Gold was up a couple bucks and the XAU was up around a point. NEM and ABX were both up about 1/4 on light volume. The gold shares remain resilient. They continue to attract money. Perhaps I should just buy the calls and forget about it. Boeing had its earnings but I don't think it mattered on a day like today. It was up early and down big during the day. It ended off about 65 cents. I'm going to hold it until Friday and go from there. It moved around a lot today but the option price didn't do much. The earnings premium was sucked out of the options on the open and that is something that I forgot about. Thankfully this is my smallest trade of the year so there isn't much at risk. I want to see the weekly close. GE lost 33 cents on average volume. This issue came back as well after early losses. Perhaps the $40 is the spot to get long. I'm going to give it some more time however to build a possible base here. I could be wrong. Mentally I'm doing OK. Wildfires still going on. You've just got to try and focus. Do the best you can and go from there. I'll check things tonight and go from there. Today was sort of a one day reversal but I'm not completely sold on it. I think we will go sideways at best here for a while. Fed next week along with the gold share earnings. So there is plenty to think about.
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