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Friday, December 01, 2006

The Dow lost 27 points on good volume. Advance/declines were slightly negative. The market at on point was down 120 points and came back in the last hour. I don't know if it was beginning of the month money or what but it did come back. I'd still like to get some OEX puts but will now wait. We could be forming a decent top here. Gold was down another couple of dollars and the XAU lost a point and a half. The XAU also sold off more and came back too. I modified the open order I have in for NEM calls and left it for over the weekend. The gold shares are overbought here but don't want to sell off. Of course that could all change next week but I'm still looking for higher prices there. The dollar continued weaker. Only two weeks left in this option cycle so it gets tricky from here. There will be opportunity. I'll try my best to take advantage of it. Mentally I'm trying not to do anything stupid here and trade just for the sake of trading. I don't really see a good signal yet for the OEX but it could come next week. Volatility has picked up and I don't know if it a sign of things to come or not. Not much data out next week until the employment report on Friday. The Fed meets the week of expiration. So it will get interesting, that's for sure. For now it's the weekend and the charts must be studied. The plan from here must be formalized. Rest will come later...

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