This blog will describe Jimmybees latest Market thoughts. It also will include thoughts on Jimmybees ongoing trading.
Friday, February 13, 2009
Another downer as the Dow lost 82 points on light volume. Advance/declines were negative. We are short term oversold. I bought some OEX calls on the close, expecting a bounce on Tuesday. I could be wrong. This will be an extremely short term trade as I expect to be out on Tuesday. No waiting around on this one. It either works or it doesn't. 4 days until expiration so there is no time for it to work out. Gold lost $7 today and the XAU dropped 2 points. ABX was off a buck, GG down fractionally and NEM fell 3/4. Volume was lighter on the decline. My ABX calls have been cut in half. Can they come back in 4 days? I doubt it. Earnings on Friday and really, should I wait that long? Maybe out on Tuesday or perhaps I'll wait. Decisions to be made over the weekend. Mentally I'm tired, did not sleep well. Taking a chance on the OEX but I'm thinking this is something that could actually work if I don't hang on too long. But you never know. Hard to make a case for owning stocks here but with expiration week there should be some more volatility. Right now it's time for a break from this game and try to come back fresh on Tuesday morning.
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