Market off only 1% but internals are awful. 465 new lows and 1 new high.
Single digit stocks all over the place: Wells Fargo -18%; GE -8%; BAC -14%, Citi -20%………..all now under $10/share. Banks around the world are reeling. Focus is on Eastern Europe; should we get a major failure over the weekend the ripple effects would be felt everywhere. Am wondering if we could get a bank nationalization edict this weekend.
Gold up $19 to $992. Lets not forget folks that gold is used for jewelry, primarily in India. So, as speculators (like me) love gold price to climb we have to be concerned about overheating. Just how much gold jewelry is being purchased in India right now? Since gold doesn’t pay a dividend a moving stop on positions seems warranted.
Teva (TEVA) has morphed into the best momentum idea around. Up almost 2% today.
Some traders don’t do much on options expiration. Over last six years the February expiration day has been up three and down three. So, flip your coin and place your bets.
