Thursday, March 05, 2009
Continuing to fall apart as the Dow lost 281 points on average volume. Advance/declines were over 8 to 1 negative. And we haven't even seen the employment report yet. I think that tomorrow could be a washout event. Something whereby we get sold out so much that all the sellers are gone. A climatic sell-off that signals the end of this downturn for now. I'm guessing here. I don't know what will happen tomorrow. Bu this won't go on forever and the shorts will start to cover in a big way at some point. Gold had a good day, up over $20. The XAU rose 5 3/4 points. ABX up a buck, NEM up 1 1/2 and GG up almost 2. The volume was only average though, that was the only drawback. My GG calls are in the black. Should I have just bailed out today? It is always hard to make the adjustments as new information comes in. It is an ever changing game and that's why it is so difficult. The weekly gold share charts are now looking constructive and point to higher prices near term. So I might be holding on here longer than previously thought. Or not. We'll have to see what happens tomorrow. Mentally I'm starting to feel a little better but not all the way back from getting over this cold. The game is tough and not feeling 100% doesn't help things. Tomorrow should be interesting to say the least.
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