Friday, October 03, 2008
OK, we finally got the bailout done. The market opened higher and closed lower for a one day negative reversal. The Dow was down 157 points on good volume. Advance/declines were negative. So now what? I certainly don't know. It is a volatile market and one that is unlike what we normally see. It isn't an easy trading environment. If I had any brain in my head, I would get flat and wait it out. Anything could happen. Gold lost another 10 bucks. The XAU gained a point after being much higher earlier. ABX and NEM had fractional gains after being much higher earlier. NEM was up over a buck. Volume was good. The GG calls are losers. However the Gold/XAU ratio is off the charts. That is the only thing keeping me in this trade at the moment. The buy signal is strong. So much so that I bought some more HL stock. Call me crazy but that's what I did. GE lost 60 cents on insanely heavy volume. Is GE going out of business? I sincerely doubt it. However is could be a sign of worse things to come. Mentally I'm tired and did not sleep as much as usual. It has been an intense week of market movement and it does take a toll. You begin to wonder if it's all worth it when it gets like this. There's always the sidelines I keep telling myself. I have the feeling that next week I'm going to listen. Perhaps. So on we go. What happens next week is anybodies guess. We sure didn't close on a positive note today. But it's all just a guess even more than usual at the moment. Yes, the weekend is upon us. A look at the charts. A time to regroup and come up with next weeks game plan. But most of all a time to rest considering the week that was.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment