Friday, February 05, 2010
It was a one day reversal as the Dow was off better than 150 points and came all the way back to close up 10 points. Advance/declines were negative and the volume was heavy. Could the decline be over? Perhaps. The employment report really didn't shed too much light on the situation. Todays market action suggests that the worst is behind us for now. Monday will be key. If we get a decent rally, I'd say that the decline has ended. If we turn right around and end up negative, then I'd say not. Gold made a comeback as well, down $10 on the futures but getting back to positive territory in the aftermarket. The XAU rose 7 3/4. ABX up almost 2, GG up 2 1/3 and NEM up 2 3/4. Volume was heavy. The dollar was higher as well but the gold shares rallied. Looks like I was a day late here as well. However if we get some weakness on Monday, I may have to give the ABX calls another shot. We'll see. Mentally I'm feeling well, slept good again. It's been quite a week and next week could be just as challenging. Volatility has picked up and the speed of the markets has increased. My ideas have been pretty good but the execution hasn't. Hopefully I can change that next week. There will be a lot to look at over the weekend. As I said before, Monday will be important. But for now it's Friday afternoon and time for a break.
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