This blog will describe Jimmybees latest Market thoughts. It also will include thoughts on Jimmybees ongoing trading.
Wednesday, May 09, 2012
Still moving lower as the Dow fell 97 points on good volume. The advance/declines were 2 to 1 negative. Even more oversold now on a daily basis. Summation index still heading lower. I still expect a bounce here but that might be about it. However my ideas have been wrong lately. European worries continue. GE lost 1/3 on heavy volume. The question here is if this the beginning of a break to the trading range or a downside washout. Time will tell. Gold fell another $10 on the futures as the rise in the US dollar continues. However the XAU gained 2 1/2. ABX up 7/8, GG rose a buck and NEM higher by 1 3/4. Volume was good. Perhaps this is finally the end of the gold share decline. It is the first out performance for the gold shares in a long time. We'll see. Mentally I'm feeling tired, did not sleep well. I still feel that we are at a very important point in the stock indexes. How the week ends will be telling. I expected a bounce today and I think the odds of that happening tomorrow are very good. What happens after that will be key. Stay tuned.
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