This blog will describe Jimmybees latest Market thoughts. It also will include thoughts on Jimmybees ongoing trading.
Wednesday, May 05, 2010
Down another 60 points today as the tone of the market has changed. Volume was good again. The advance/declines were almost 4 to 1 negative. The summation index is now moving down. Rallies can and will be sold. I will buy some OEX puts when we get a snap back. I would like to wait until next week but we'll see. The employment report on Friday will be the next event. I think that I will let it pass before taking on the next trade. Gold was up $5 today but the XAU fell 1 1/2. ABX and GG were little changed after being much lower early. NEM lost 3/4. Volume was average. The dollar continues higher but gold refuses to sell off. I'm still thinking of getting some ABX calls again but am holding off for now. It's a tough call there. We're working off the overbought condition but a stronger dollar will eventually have a negative effect on gold prices. The question is when? However with all the problems in Greece, the safe haven play of gold remains in effect. So it's a tough call one way or the other. Mentally I'm feeling tired, did not sleep enough. Volatility has returned and it makes things a bit more difficult. The speed of the game increases. If I had to guess, I think we're about to get some kind of bounce here. But I could be wrong.
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