This blog will describe Jimmybees latest Market thoughts. It also will include thoughts on Jimmybees ongoing trading.
Friday, October 15, 2010
The Dow lost 31 points today on expiration heavy volume. Advance/declines were negative. The overall market was much stronger than the Dow. GEs earnings disappointed and the major banks took a hit. We are still moving higher though. We'll see how the earnings shape up for next week. Gold lost $5 on the futures and a bit more in the aftermarket. The XAU lost 2 1/3. ABX, GG and NEM all had fractional losses of at least 1/2 on light volume. The dollar bounced a bit today. I might try the November gold share calls on a pull back. Mentally I'm feeling OK. I didn't do anything stupid this week and that's a plus. The NASDAQ is much stronger than the Dow at the moment and that is usually a bullish sign. The next resistance for the S&P 500 is at the 1200 level. I'll check the charts over the weekend and go from there. It's Friday afternoon and time for a break.
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