Tuesday, November 27, 2007
The Dow gained 215 points on good volume. Advance/declines were 2 to 1 positive. I think we are trying to form a bottom here. We really need some follow through to the upside and that just hasn't happened all month. So tomorrow will be important again. We haven't had 2 days in a row to the upside all month. That is incredible considering the time of the year. The money flows are supposed to be positive. So does it mean that the market is in really big trouble going forward? Stay tuned. Gold lost over $12 but the XAU only dropped 1/2 a point as the gold shares took their cues from the overall market. NEM and ABX both came back from their earlier lows of the day. I don't have a clear picture for gold at the moment. However it is obvious that we are not in the straight up bull phase of the previous 3 months. I will check the charts again. GE gained over 60 cents on average volume. My options are back in the black. We'll see how the week closes out. My thinking is that I'll be holding these for a while but you never know. Mentally I'm feeling tired, did not sleep good. It is a strange time in the markets I believe. When a major US bank has to go begging to the Middle East for money, something weird is happening. That's what occurred today for Citigroup. So you have to wonder, what is coming in the future? Time will tell. Whatever the problems are, they will not be solved overnight. There is a sell the rallies sentiment on the street these days. That needs to be overcome before we see some solid gains. When this will occur is anybodies guess but it hasn't happened yet.
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