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March 11, 2009

Off to Bed

Folks, not much changed with today's action except for my frustration level as oil and copper got chunked despite the dollar being down heavily. With both sitting borderline on my stops, I decided to get out, clear my head, and make another go at it later. The big money in commodities will come down the road, and I don't want to squander capital on forced trades. Miners did well, but the volume on GDX was low enough to raise doubts about today's gains sticking. For now, I am staying faithful to yesterday's game plan and looking for a test of the trend line before adding to or deleting my position. As for equities, I will watch for the S&P 500 to enter the overhead resistance zone described yesterday. If I turn out to be wrong, and the index heads lower from here, there will be plenty of time for entry since I expect a climactic sell to take us below SPX 600.

You will have to forgive me for leaving you with a short paragraph this evening, but it's late, and I'm exhausted from a stressful evening of eating good food, sipping on after dinner drinks and smoking cigars with close friends (I suppose I'm still not too tired to be sarcastic!). Besides, I write this blog for fun, and if I forced myself to stay up and hammer out some market prose, it would feel like work, and I assure you the product will be lacking, for better or worse, my usual efforts at being thoughtful. The good news is I'm not changing my price! Good night.

 

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