Wednesday, October 22, 2008
Settling things out on a negative day as the Dow loses 513 points. The advance/declines are at least 6 to 1 negative on heavy volume. A retest of the recent lows? That's my story and I'm sticking to it. But in this environment, who knows? I do feel we are building a bottom here though. May take a while. The market, as always, will go where it wants. Gold continues to the downside, off over $30 today. The gold stocks have been obliterated. ABX and GG shed 3 or more. NEM lost 4. Volume heavy. Is there no end in sight? The dollar has had a tremendous safe haven rise since last month. Oil continues lower as well. Deflation? We'll see. GE lost over 1 1/4 on heavy volume. It didn't help the December calls that I'm looking to purchase. The price actually went up as the volatility premium returns to the prices. It makes some sense but it's a different kind of option market at this point. One of which I'm not familiar. I'm leaving the order in but I may change my mind tomorrow. Mentally I'm doing as well as can be expected. Still having computer and information feed issues. That doesn't make the trading any easier. We will have to see where the market goes for the rest of the week and take it from there.
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