Tuesday, October 21, 2008
To the downside today as the Dow lost 231 points on average volume. Advance/declines were over 2 to 1 negative. Volume has slowed from what it was but it is average by pre-collapse standards. Sure, we can go up and down for a while as the market forms a bottom here. Summation index continues higher. The worst is over for now in my opinion. Gold got trashed again, off over $20. ABX, GG and NEM were all down 2 or more on average volume. Nothing doing there for now. GE was up 20 cents on good volume. Up on a down day. The relative strength is there. I'm keeping in my open order for December calls. However it could be that GE is already going to move to the upside. I'm not going to chase it. Mentally I'm doing OK, having some computer issues. Feeling better but cannot push things here. If the GE trade comes to me I'll do it. Otherwise I'll be looking for the usual signals for the OEX which haven't appeared since we fell apart. I'm thinking things will get back to somewhat normal which should help with the overall trading. But you never know.
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