Friday, February 27, 2009
Drifting lower to close out the month as the Dow lost 119 points on good volume. Advance/declines were negative. Opened lower, came all the way back and then back down again at the close. Summation index headed lower. GE lost 1/2 and my calls were stopped out for a 55% loss. I kind of figured on that a couple of days ago. GE announced a dividend cut and rallied but then sold off again. So another losing trade for 2009 and that has been the story here so far. Gold was flat on the day and the XAU was off 3/4. The gold shares were mixed with ABX off a buck, GG flat and NEM up a buck. Volume was heavy in the gold shares. I suppose my next trade will be here. The gold issues are short term oversold. I'll have to check things over the weekend. Mentally I'm feeling tired, did not get enough sleep. The stock market cannot gain any traction. I still think that we could really see some more downside unless it holds up here. But I don't know where the buying will come from. So on it goes. It is quite a bear market. I'll have to check the charts over the weekend and see what to do from there. For now it's time for a break. Rest up a bit and start fresh on Monday.
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