This blog will describe Jimmybees latest Market thoughts. It also will include thoughts on Jimmybees ongoing trading.
Thursday, January 13, 2011
We were lower from the start today, bounced around and ended the day with a loss of 23 points on the Dow. Advance/declines were negative and the volume was average. Digesting yesterdays gains is how I would describe it. Nothing in the overall market scenario has changed. GE lost 7 cents on lighter volume. 5 days left on the January options there which means the risk is pretty high to attempt a trade. I still may though. Gold was flat on the day but sold off over $10 in the aftermarket. The XAU shed 7 1/2 points. ABX down 2 1/2, GG off 1 1/2 and NEM fell a buck. Volume was average. The gold shares underperformed by a lot. I don't know the reason. The dollar got clobbered again and gold itself did not react in the typical fashion. There is something going on here but again, I don't know exactly what it is. If we get to a gold/XAU ration buy signal, then I'll look at the gold shares for a trade. Otherwise those charts look bearish. Mentally I'm tired again and it has been a long week. I'll be glad when it is over tomorrow and I can get back into a more normal market routine.
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