Thursday, November 20, 2008
Crazy times are back or did they ever go away? The Dow lost 445 points on heavy volume. Advance/declines were 10 to 1 negative again. What can I say? It's a liquidation mode again. Selling brings on more selling and there seems to be no end. Expiration related? Of course some of that is there but it's the raising of cash by selling whatever you have left. The banking system has collapsed but at least they're still open for business. Cash is king. Gold was up over $10 but the XAU dropped a couple of points which wasn't bad considering. GG and NEM managed slight gains, while ABX had a small loss. Volume was very heavy. I have an open order in for some GG January calls. I don't know if it's the right move here but we are oversold. Who knows, I may cancel it tomorrow. GE got killed, off 1 1/2 on insane volume. The volume here has been incredible. I thought GE was a steal at $15. It is now 12 and change. I don't know what to say really. I did buy some GE calls again early this morning. Wrong move again? We'll see. I think we'll get one of those incredible up move days within a week and I should bail out then. But that may not happen. Mentally I'm a bit tired, didn't sleep as much as usual. Not to mention the volatility in the markets. But I'm hanging in there and think that perhaps this trade will work out. Expiration Friday and then a short holiday week. We all need a rest.
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