Monday, October 27, 2008
An up and down Monday as the Dow tanked late and ended the day down 203 points on average volume. Advance/declines were 4 to 1 negative. We are at the bottom of the base that we have been building for the last couple of weeks or so. I still believe that we will hold up here and not collapse again. I could be wrong. Fed meeting this week for whatever it's worth. We're oversold short and medium term after todays action. End of the month at the end of the week too. Should be interesting. Gold was up over $10 today but sold off in the aftermarket. The XAU lost 6 1/2 points. ABX, GG and NEM were all down over 2 bucks on good volume. The dollar continues higher and oil continues lower offering no support for gold. I don't know what to say there really. Liquidation of whatever is left to sell continues. GE was off a touch on heavy volume after being much higher earlier. That doesn't bode well for tomorrow. I still have the open order for December calls out there. Might get filled tomorrow. Do I still want them? Probably. But these are crazy times and the price movements I've seen in the GE options don't make sense lately. I'm willing to give it a try though. Mentally I'm feeling tired. Did not get as much sleep as needed. I'm looking at some stocks for long term buys here. Of course it hasn't worked out with HL but who knows? Health care and the solar industry is getting my interest at the moment. We'll see.
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