Friday, November 21, 2008
A positive expiration as the Dow got back what it lost yesterday. We were up 494 points on good volume. Advance/declines were positive. We'll have to see if we get any follow through on Monday but it is a holiday week. It may just be a one day wonder. We were oversold and today relieves that condition short term. So we'll see. It has been such a crazy time that I don't want to go out on a limb regarding the market here one way or the other. I've been quite wrong for at least a few months. Gold had a stellar day, up over $40. A flight to safety play but it sure took long enough. The gold shares went crazy with the XAU up over 18 points in a day. ABX up 6 1/2, GG up 5 1/3 and NEM up 5 1/2. All on incredibly high volume. My order for GG calls wasn't filled. Not sure that I want to chase it here but I'll look to get long on any pullback. The weekly charts look constructive at this point. GE rose over a buck on heavy volume. My GE calls didn't move. Again the option pricing completely makes no sense. I've seen it for a couple of months now. Perhaps I should just get to the sidelines. I'll be looking to exit this trade sooner rather than later. Mentally I feel OK. Missed opportunities seem to be the rule for me lately. I'm getting close but that isn't good enough in this game. The focus is getting better but not exactly where it needs to be. The market environment is dicey at best also. Still, you want to get in on the moves before they occur. I'll keep at it. The weekend is upon us. I'll check things over as usual and get ready for next week.
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