Tuesday, October 07, 2008
The song remains the same as the Dow lost another 508 points on good volume. Advance/declines were 6 to 1 negative. We are probably going to have a decent bounce here in the next 2 days. We are short term oversold. That doesn't mean we can't drop another 500 tomorrow. But a short covering rally at least should be in the cards. Gold was up $20 today but the XAU was 1 1/2 down and closed near the lows of the day. ABX was up 1/2, GG up 1 1/4 but NEM was down 1 3/4. NEM has been leading the way lately. Volume heavy as it has been. GG calls dead for the most part. GE was down a buck on crazy volume. Makes sense in a crazy time. Mentally I'm in a fog as I am ill. Got some kind of cold or flu last night and it has knocked me out. Not really what I need right now but that is the reality of the situation. Short post and I need some rest. Cash is still King.
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