Thursday, December 11, 2008
Back to the downside today as we lost 195 points on the Dow. Advance/declines were about 3 to 1 negative. Volume was light. I still think you can buy weakness here. We may get some selling into the Fed meeting but I would look at it as a buying opportunity for the January calls. That's my thinking at the moment. So we'll see. Gold was up another $17 today as the dollar has gotten creamed this week. However the XAU lost a point. It was a one day reversal to the downside there. ABX and GG had small gains and were well off their highs. NEM dropped 3/4. Volume was above average. Perhaps the gold shares will take a little rest here. I'm still going to look at the January calls in the gold shares. GE lost about a buck on light volume. I will be getting some January GE calls here at some point. Perhaps early next week. We've rolled over on the daily chart and I'll try and wait for GE to get oversold. Mentally I'm a bit tired, did not sleep as much as wanted. Option expiration next week and perhaps volatility will return if today is any indication. Inflation data tomorrow and I don't expect any big surprises but who knows? I'm trying to stay patient but at some point you've got to make a move. The focus isn't what it needs to be though but I'm working on it.
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