This blog will describe Jimmybees latest Market thoughts. It also will include thoughts on Jimmybees ongoing trading.
Tuesday, November 04, 2008
Overbought and staying there as the Dow gained 305 points on average volume. Advance/declines were about 4 to 1 positive. I expected a pull back and it didn't happen. We went straight down, will we head straight up? Not forever. Summation index higher and I think we can all agree that a bottom is in. I'd expect some follow through tomorrow morning but after that we need to take a rest. Perhaps the employment report will be the catalyst for that. Gold had a stellar day as the dollar got pounded. The yellow metal rose $30 and the XAU tacked on 12 points. The bottom has been seen there as well. ABX, GG and NEM all rose around 3 bucks on good volume. What can I say except that I missed this move in the gold shares? Frustrating to be sure but it's the nature of the game. Too late now for this part of the move. GE had a good day, up 1 1/2 on heavy volume. The options aren't moving much though. It continues to be puzzling. I'm pretty sure that I'm going to dump the calls I own tomorrow and try and buy them back cheaper in a few days. That's the thought process at the moment. Mentally I'm doing OK. Trading is the toughest game in the world. I can't think of anything more challenging. The effort required to be successful is beyond most and at times beyond me. At least I know the facts about that and don't try and fool myself. I've missed some good opportunities lately but I also haven't been in a position to let myself succeed. That is changing as I now hopefully have the proper mindset and time to do what is required. We'll get the election out of the way and go from there.
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