Friday, March 06, 2009
The Dow ended the day up 32 points on average volume today. We were up over 100, down over 100 and came back in the last half hour. Advance/declines were negative. I don't exactly know what to make of it. The employment report was viewed as a good thing early. Even though the rate was higher and hundreds of thousands of jobs were lost. GE is showing strength here and that may be a good thing for the overall market going forward. We'll see. Gold was up over $10 today but the XAU only managed a gain of 1/3. That's troublesome for the long side. We also were higher early and closed lower. ABX and GG had fractional losses, while NEM dropped 1 1/2. Volume was better to the downside as well. My GG calls are at break even. The only thing that kept me in this trade today was the fact that the weekly chart looks very constructive for a positive move next week. 2 weeks to go on these calls and they need to be sold on a rally next week. I probably should have bailed out early this morning but didn't. I will be out at some point next week and looking to April. Mentally I'm feeling better, the cold is dissipating. I'll have to check the weekly calendar and see what reports are due out next week. It is the weekend and time for a break. I'll try and rest up and get ready for the new trading week. A check of the charts and go from there.
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