Friday, August 01, 2008
Friday in the summer as the Dow lost 51 points. I'm getting a bad data feed on the advance/declines and volume figures. Unemployment rose and we lost more jobs in July. Doesn't seem to be bothering the market that much. No OEX trades for now. Gold lost 5 bucks and the gold shares continued to get hammered. The XAU lost 6 1/4. ABX, GG and NEM all down on good volume, with ABX leading the way off 1 3/4. I thought that the bottom was put in this week but I was wrong again. The selling is relentless as money is just moving out of gold and into the stock market. Or so it seems. The buy signal reading for the gold shares is the highest that I can remember. But it isn't working. I'll need to check the longer term XAU charts this weekend. It could be the end of the bull move there but I don't really think so. GE was flat on light volume. Not trades there but perhaps I'll be looking at some calls there. Mentally I'm doing as well as can be expected following huge losses. It isn't affecting me as it usually does. I'm not really mad at myself. I'm just moving on. Risk control is something that I'll have to address and work on for the next trade. I don't have anything in mind at the moment and I may just take August off as far as trades go. I'm going to check things out over the weekend and go from there. It's time for a break and some relaxation.
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