Thursday, November 13, 2008
Oversold and a bounce as the Dow gained 552 points today on good volume. Advance/declines were over 2 to 1 positive. We were down 300 points halfway through the session and took off from there. The lows have held once again. They will probably break eventually but now is not the time. We're still in the base building sideways mode for now. Gold futures were down over $10 on the day but rallied in the aftermarket. The XAU gained 9 1/2. ABX and GG were up around 3 on heavy volume, NEM gained 2. The gold shares had a one day reversal as well. The dollar was weaker today and oil gained a bit. It looks like today was the day to get long. GE gained 50 cents on insanely heavy volume after trading below $15. That was incredible. I wanted to get some OEX calls again but did not. Mentally it's a frustrating time. I wanted to get some OEX calls when we were down 300 and didn't. Again I did not do what needed to be done, when it needed to be done. It's a trading funk to be sure that started when I did not exit the GE trade on time. Now selling yesterday for a small loss carried over into today and I could not muster up the courage to get long when I know it needed to be done. These are things that must be worked on. The market is trading crazy again but there are opportunities to be taken advantage of. I haven't been up to the challenge as yet. So we'll move on to tomorrow and go from there.
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