Wednesday, February 18, 2009
We hung around all day as the Dow gained 3 points. Volume was average, while the advance/declines were negative. Seems like we are just waiting to go lower and we are about ready to break the lows of last autumn. No doubt oversold here but it doesn't seem to make a difference. It is a brutal bear market. I'm a fool for buying calls last Friday at the close. Gold continued higher, up over $10 on the futures and continuing higher in the aftermarket. The XAU was up 2 1/4. ABX up over a buck, GG up 3 /4 and NEM up fractionally. The gold shares sold off early and then came back. Earnings for GG and NEM tomorrow. I thought about getting the ABX calls again but did not. I do think there is a chance that ABX will take off to the upside on the earnings on Friday. However with the recent losses that I have taken it is not in the cards for me now. I contemplated leaving in an overnight order yesterday but did not. Gold simply continues higher and there is nothing to stop it at this point. Even with dollar strength. Money is looking to hide and it's hiding in gold. My ideas seem to be OK but I'm not making any money on them. And so it goes. Mentally I'm feeling good, slept well. I've racked up some pretty hefty losses early this year which is the exact opposite of the beginning of last year. Yes, I can climb my way back up but it will take a lot of work and discipline. 2 days before expiration and I shouldn't be making any more trades here this week. A bounce for the market here with expiration? Doesn't seem like it yet. Maybe Friday. Maybe not.
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