This blog will describe Jimmybees latest Market thoughts. It also will include thoughts on Jimmybees ongoing trading.
Friday, November 14, 2008
Back to the downside as the Dow lost 338 points on average volume. Advance/declines were 3 to 1 negative. We opened lower, fought back to show a gain and then dropped hard in the final hour. It's back to crazy time in the market. I'd like to say I know which way this thing is going to go but I don't. I'm sticking with the theory that we are forming a bottom and the lows will hold. It could be just a sideways affair though. Gold was up over $30 on the futures today but most of the gains in the gold shares came late yesterday. The XAU lost 4 1/2 points. ABX and GG lost about a buck, with NEM down 2. Volume was good. I may go out to January on the gold shares via calls in the coming weeks. We'll see. Just a thought at this point. GE lost a buck on heavy volume. May try the calls again here as well. But it's a tough call. The markets are in a strange place. Mentally I feel OK, slept well enough. I'm moving on from the last trade and missed opportunity. It's all I can do. One week left for the November option cycle. May try something next week but I'm not completely sold on the idea. Big economic summit this weekend but I doubt anything will come from it. As usual, I'll check the charts and go from there. For now it's time to step back and take a break.
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