This blog will describe Jimmybees latest Market thoughts. It also will include thoughts on Jimmybees ongoing trading.
Tuesday, August 11, 2009
The Dow continued lower today, down 96 points on average volume. Advance/declines were more than 2 to 1 negative. This action should start to turn the summation index lower. It doesn't mean we'll get a full scale decline just yet but I think it does mean that the upside is limited from here at this time. If we get a rally from here, I'll try the OEX puts before expiration. All eyes and ears are on the Fed tomorrow. Gold was little changed today while the XAU lost 2 1/3. ABX, GG and NEM were all down on light volume today, with GG leading the way. We are oversold here on the gold shares and I might buy some calls tomorrow before the Fed announcement. It would have to be a short term trade because if the market falls as I expect, the gold shares will probably fall with it. Mentally I'm doing OK. I have to cut things short today due to an appointment. We'll see what happens tomorrow. I'll check the charts tonight and determine if a play is warranted.
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