This blog will describe Jimmybees latest Market thoughts. It also will include thoughts on Jimmybees ongoing trading.
Monday, March 02, 2009
So fall apart it is as the Dow lost 300 points to start the week. Advance/declines were over 10 to 1 negative. Volume was average. There are no buyers. We'll find a bottom somewhere. GE lost another buck on heavy volume. Will GE go out of business? I sincerely doubt it. Summation index lower. So down we go but I think that down the road anybody buying now will be glad they did. Gold lost a couple bucks and dropped hard in the aftermarket. There is no flight to safety. It is a liquidation event again. I left in an overnight order for some gold calls, thinking the gold shares would attract assets when we fell. Of course that didn't happen. I got filled and GG was off 2 bucks on heavy volume. The calls I bought got cut in half. The XAU dropped 9 points. ABX lost over 2 and NEM lost over 3. Heavy volume as well since money must be raised. I should be out of the calls this week, most likely with another loss. I should have just sat on the sidelines. I wasn't patient. I really do want some gold share calls for April. Chalk it up to another mistake in a mistake prone year so far. Mentally I'm feeling tired, did not sleep well. I'm also not feeling 100% with a slight touch of a cold. But there are no excuses, my trading has been terrible this year. So what to do from here? Sit tight I suppose. Exit the GG trade and wait. There will be opportunity.
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