Tuesday, March 03, 2009
The market is trying to stabilize as the Dow lost 37 points on good volume. Advance/declines were about 2 to 1 negative. Short and medium term oversold here so a bounce is expected. But can it last? The employment report is due on Friday. That will be interesting. So we'll see what happens. Gold lost $25 today but the XAU rose over 3 points. ABX and NEM were up fractionally, while GG gained over a buck. The volume was decent. My GG calls are still losers. I'll be looking to get out this week and then position for the April cycle if all goes well. No telling what will happen at this point. March is a historically weak month for gold and that must be taken into consideration. However these are not your normal times. GE continues lower on absurdly heavy volume. GE is now under $7 a share. Mentally I'm a bit slow, still have a slight cold. I'm thinking there will be a wild end to the week here. The employment report can't possibly have any good news. Until then it's wait and see I guess. I'll keep an eye on the GG calls and go from there.
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