(function() { (function(){function b(g){this.t={};this.tick=function(h,m,f){var n=void 0!=f?f:(new Date).getTime();this.t[h]=[n,m];if(void 0==f)try{window.console.timeStamp("CSI/"+h)}catch(q){}};this.getStartTickTime=function(){return this.t.start[0]};this.tick("start",null,g)}var a;if(window.performance)var e=(a=window.performance.timing)&&a.responseStart;var p=0=c&&(window.jstiming.srt=e-c)}if(a){var d=window.jstiming.load; 0=c&&(d.tick("_wtsrt",void 0,c),d.tick("wtsrt_","_wtsrt",e),d.tick("tbsd_","wtsrt_"))}try{a=null,window.chrome&&window.chrome.csi&&(a=Math.floor(window.chrome.csi().pageT),d&&0=b&&window.jstiming.load.tick("aft")};var k=!1;function l(){k||(k=!0,window.jstiming.load.tick("firstScrollTime"))}window.addEventListener?window.addEventListener("scroll",l,!1):window.attachEvent("onscroll",l); })();

Tuesday, September 30, 2008

Bailout Plan Fails, Go for Gold

The market plunged following the failure to get the bailout bill passed. Economics aside, I think there is also alot of politics being involved in this whole deal. The House would reconvene only on Thursday to vote on a revised bill. I'm not an economist or politician. I don't really know or care what the outcome will be on Thursday. I'm a trader. All I want is for the market to settle down. But I do like what I see on the VIX on Monday. More on that next time.

Back to the market on Monday. Not many stocks were able to hold up, with the exception of Gold, which is the flight to safety haven during such turmoil times. The chart above shows SPDR Gold Trust (ETF) (NYSE:GLD) breaking out of bull flag today with good volume as the market tumbled. A good looking chart, but watch for resistance around $92.

You'll see similar looking bull flag charts in Barrick Gold Corporation (USA)(NYSE:ABX) and Randgold Resources Ltd. (ADR) (NASDAQ:GOLD), but these two have not broken out yet.

Mon: Personal Income, Personal Spending

Tue: Chicago PMI, Consumer Confidence

Wed: ADP Employment, Construction Spending, ISM Index
Notable earnings: MOS

Thurs: Initial Claims, Factory Orders
Notable earnings: GPN

Fri: Non Farm Payrolls, Unemployment Rate, ISM Service
Notable earnings: FDO

posted by Simply Options Trader at 8:56 AM PERMALINK


2 Comments:

Blogger Glenn said...

I've been reading quite a bit about this "slow down due to Consumer confidence" Life Ionizers had the Internet Sales today ever; Consumer confidence in my experience and according to history is really a change in consumer interest. History shows us that in Low Market periods (including the great depression) spending rose in many areas (entertainment, health, advertising etc). So the Apple drop, the Google drop and the Amazon drop are all fleeting figments of panic, and just like a few weeks ago, Google, Apple and Amazon will all climb back to their original positions.

So while this panic is going on, I'm going to drink some alkaline water, download some music to my iPhone and go see a movie, just like most of America is doing tonight.

12:20 PM  
Blogger Simply Options Trader said...

Glenn,
Yeah, the best is to wait out this mess. Capital preservation is key. Live to trade another day!

9:53 AM  

Post a Comment

<< Home