Wednesday, July 30, 2008
Continuing higher as the Dow tacked on another 186 points on good volume. Advance/declines were almost 2 to 1 positive. Perhaps that's it for retesting the low. Seems like it at this point. This summer has seen some incredible volatility in the indices so far. You've got to be quick and make the adjustments. I can't say that I've been up for the challenge yet. Gold lost around $14 on the December contract. However we had a turnaround in the gold shares as the XAU gained almost 2 points. We sold off hard early and that should be the lows of this move in the gold shares. ABX and GG were off over 3 points early. They both ended off fractionally on very heavy volume. NEM was flat. They've formed hammers on the daily candlestick charts. Earnings out for ABX and GG tomorrow. I'll need to get out of the GG calls. Today was the day to be buying them but I didn't wait long enough. GE was up 1/2 on average to light volume. Would have liked to see it move higher with the nice move in the Dow today. Mentally I'm doing OK, slept well. Patience and discipline are required to be successful in the game. I really need more. I easily could have waited on the gold shares but didn't. I also should have already taken the loss on the first GG purchase. As usual, the only fight going on here is with myself and not the markets. I do think the gold shares will be setting up for a nice gain later on. Perhaps it even started today but I think we need more time to form a bottom. I could be wrong. We'll see what happens with the earnings tomorrow.
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