Thursday, January 28, 2010
Another downer as the Dow lost 115 points. Advance/declines were over 2 to 1 negative and the volume was average. We were lower for most of the day and then tried to make a comeback but failed at the end of the day. Bernanke was confirmed for another 4 years at the Fed. Didn't help the market though. Summation index still heading lower. We did not get a good bounce when we should have and that isn't good for the bullish cause. End of the month tomorrow plus GDP. Could get dicey. Gold was flat on the day after being lower. The XAU lost 1 1/3. ABX, GG and NEM all had fractional moves one way or the other on better volume. The dollar was up again. My ABX calls are still in the red. Really need to get rid of them but I'm still getting a buy signal on the Gold/XAU ratio. The gold share technicals are way oversold as well. At any rate I almost was stopped out of the trade today and will be tomorrow if we get any downside so perhaps it won't matter. Mentally I'm doing OK. Another thing to consider here is possible beginning of the month positive money flows on Monday as well. But I will be looking for OEX puts before the employment report as I have already stated. So let's get through tomorrow and see how things shape up after that.
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