This blog will describe Jimmybees latest Market thoughts. It also will include thoughts on Jimmybees ongoing trading.
Wednesday, June 18, 2008
Continuing to the downside as the Dow dropped another 131 points. Volume was heavy and the advance/declines were over 2 to 1 negative. If I were a short term trader, I'd be looking for a bounce tomorrow. I think Friday will be a down day though. It looks like we will test the lows from earlier this spring. My guess is that they will hold for now but it's just a guess. Anything could happen. Gold was up 6 bucks today and continues higher in the after-market. The XAU rose 1 1/4. ABX, GG and NEM were all fractionally higher. However the volume continues light. Got another buy signal for the gold shares today. I would like to act on it but the volume is keeping me out. However I am looking at the July calls now for those 3 issues. That looks like it could be the next trade now. GE lost over 60 cents on heavy volume. As much as I'd like to get the July calls there, I might just have to sit it out. This is a falling knife that is burrowing into the ground at this point. But we'll see. Maybe I'll take a stab at it, pun intended. Mentally I'm doing fine, slept OK. Staying out of the June option cycle which really gave some good opportunities to the downside. I just wasn't sharp enough to take advantage of them. 2 days left before expiration. Looking to July now and also interested in how this week ends. I'm thinking up tomorrow and down on Friday.
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