Wednesday, October 28, 2009
Continuing to the downside with the Dow losing 119 points. Advance/declines were 9 to 1 negative and the volume picked up to the downside. Oversold and staying there. I get the feeling that the tone of the market has changed. We should have had some type of bounce by now. Perhaps it is end of the month shenanigans but it seems like something more. Summation index solidly pointing down. Get OEX puts on a bounce? Perhaps. Gold lost $5 and a bit more in the aftermarket. The XAU fell over 8. ABX, GG and NEM were all off 1 1/2 on increased volume. My order for GG calls was filled. The stop-loss order has been put in. Now I'm not so sure I even want to be in this trade. However we are oversold, earnings for ABX and NEM are out tomorrow along with the GDP report. That may not mean anything though if we continue to slide. The dollar has found some buyers lately too. I may be exiting this trade sooner rather than later. Mentally I'm feeling OK. I am determined not to lose more than 50% on any trade from here on out. This had been implemented before but I would override it. No more. This will save me from the inevitable huge losses that occurred when I couldn't admit that I was wrong. The market goes where it wants and I think we're witnessing that right now. Tomorrow will be key. Deeply oversold and we need to see some upside.
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