This blog will describe Jimmybees latest Market thoughts. It also will include thoughts on Jimmybees ongoing trading.
Wednesday, November 12, 2008
It's back to crazy time in the markets as the Dow lost 411 points on increasing volume. Advance/declines were 10 to 1 negative. There were no buyers. The summation index has turned around. Do I still think we are forming a bottom? Is the bottom in for now? I certainly thought is was but if we don't hold here now, then I was wrong again. We'll see. Tomorrow should be interesting. Gold lost around $15 and the XAU shed 8 1/2. ABX off over 2, GG and NEM down about 1 3/4. All had decent volume. The dollar gained just a bit and oil was at its lowest level this year. It looks like we are back in the sell whatever is worth something mode. GE lost a buck and a half on extremely heavy volume. The pricing on the options is not making any sense again. The calls I own only lost a penny. No matter, I dumped them for a 50% loss. That was a terrible trade and it could be the last for this year. Not a lot of money there but the tactics were horrible. I did not do what I needed to do when it needed to be done. I'm working on it. I bought another heathcare issue today and that's it for my longer term stock purchases. Mentally I'm feeling a little better, slept well. Still not all the way back as I continue to fight off a cold. The market is even more confusing that usual. If it doesn't hold up here, it will get even more uglier than it's been. And it's been pretty ugly. I did not know what was going on when we collapsed before. The technicals did not work. It has the feel of that again. So we'll see.
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