Friday, August 7, Trading
posted on
Aug 07, 2009 02:15PM
Ahhh, lurkers unite...
On NYSE - About two hours left in the trading day and NAK showing the devils number, $6.66. Lower BB is $6.51, so getting close to setting up a position. Be aware this is a spec play that is in a normal downswing for this cycle. Most all other gold miners getting a little hit also.
Dow running hard again after a couple of days of rest, and back to Bull mode. Banks took a breather yesterday to let people in, and are now back to Bullishness. Dow up 50% since March low, so hope folks out there have been able to take advantage. Most of Market is in Bull mode on the jobs numbers. But, is a lower rate of joblessness (people are still losing jobs, only at a slightly slower rate) good for 150+ on the Dow? May let up as the trading day ends as the overbuying is too prevalent. Energy seeing some cost averaging. Still a lot of good plays that have not yet participated, or got hit by their earnings. Stay diversified and choose wisely.
Gold initially looked like it would stay in synch with the Market in pre-market trading, then took a pretty good hit at market open from the Bears, then again at NYMEX close, and has been riding around $965.