Thursday, February 26, 2009
The Dow lost 88 points today on average volume. Advance/declines were negative. We were much higher and closed on the lows of the day. That usually doesn't bode well. End of the month tomorrow. More selling? We'll see. We are overbought on some of my indicators and if we don't hold up in here it will be ugly. GE was much higher and reversed. It ended up a nickel on good volume. My calls are under water and if today is any indication of what's ahead I'll be stopped out tomorrow. Gold lost over $20 but came back a bit in the aftermarket. However the XAU was up almost 2 points. Perhaps gold will stop heading lower. ABX and NEM were up fractionally, while GG gained over a buck. ABX has been a laggard as of late. Perhaps I'll try the GG calls for the next gold share trade. We'll see. I'm trying to stay patient there. Not much else on the radar screen for now. I guess we'll see if the market can hold up here. I'm thinking about getting short before the employment report next Friday if we hold up that long. Mentally I'm feeling good, slept well. I'm really starting to think we are about ready to collapse here but I hope that I'm wrong. Summation index heading lower. Rallies just do not follow through. We are at the last area of support. It sounds ominous. Perhaps things will turn around but I can't seem to find any catalyst for the upside. We'll see how the month ends.
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