Friday, October 31, 2008
Ending the month on a positive note as the Dow gained 144 points on what looks like lighter volume. Advance/declines were 2 to 1 positive. I thought there would be some selling today but it wasn't enough to bring the markets down. Summation index higher and the markets remain overbought. Again, the worst is over for now. I'll be looking to get long when we get oversold. Gold lost $20 today and the XAU dropped 4 points. ABX, GG and NEM all lost over a buck on lighter volume. The dollar was stronger today. I think we've put in the bottom for the gold shares but that doesn't mean we couldn't go sideways for a while. I'm not looking at any trades there as of yet. GE was up a touch on average volume. The calls I own are still slightly in the black but the price movement of them continues to be a problem. I'll have to try and figure it out over the weekend. Mentally I'm doing fine, slept well enough. October 2008 was quite a month for volatility and though it has slowed a bit, it is still out there. I think we are heading higher but to what levels is the question. As I stated earlier, I am looking at some individual stocks for longer term plays. They have moved up here though and I do not want to chase them. That said, I feel we are moving into a favorable period for being long. The weekend has arrived and it's time for a break. I'll check the charts over the next couple of days and take it from there.
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