Tuesday, September 02, 2008
It was a wild way to start the week as the Dow was up almost 250 early on, only to close with a loss of 27 points.  Advance/declines were positive but the overall market was lower.  Volume was good.  It is a one day reversal to the downside but this market has been bouncing around for some time now.  I'm on the sidelines with the OEX for now.  Gold got clobbered, down $25 and it was lower than that.  The dollar was higher and oil lost over $5.  The XAU lost 10 points.  ABX, GG and NEM all down around $2, with GG leading the way off 2 1/2.  Volume was heavy, which isn't a good sign going forward for the bullish case.  My GG calls are right back where I bought them.  The price gapped down on the open, passing my stop loss price so the order wasn't filled.  I'm leaving the order open for now but I might cancel it before the employment report on Friday.  In retrospect, I should have been out of this thing last week but the stochastic didn't roll over until today.  I might just hold it until October so we'll see.  GE was up 40 cents on good volume.  Perhaps it is saying that the market will be OK here.  That's a guess.  Mentally I'm doing OK, slept well enough.  Questions remain about this market with todays action.  There really hasn't been a decent trend in some time.  We had the extended down trend and have moved sideways to slightly higher since.  It's a tough trading environment.  Plenty of time in the September cycle though.  We'll see what tomorrow brings.
Subscribe to:
Post Comments (Atom)
 
No comments:
Post a Comment