Tuesday, February 24, 2009
Finally got the expected bounce as the Dow rose 236 points on average volume. Advance/declines were about 5 to 1 positive. The beginning of something that will last? Who knows? It could all change tomorrow. GE only managed a 1/4 point gain with the Dow up over 200. Very disappointing. I'm going to get stopped out on this trade for another loss. That's how it feels at this point. Gold got clobbered, down $25 as the flight to safety trade gets reined in. The XAU lost 9 points. ABX off over 3, with GG and NEM down more than 2. All on heavy volume. Patience will be required here to get back on the long side. It's too late to short them. Mentally I'm feeling frustrated with the GE trade but what can you do? You give it a shot and keep on going. I have an appointment this afternoon, so the post is short. More tomorrow.
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