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Tuesday, January 09, 2007

The Dow closed off about 7 points on good volume. Advance/declines were positive. We were up, we were down and ended up basically unchanged. The market is trying to make up its mind which way to go. GE was up and down like the overall market and was unchanged on the day. My calls are where I bought them. The longer this trade goes on, I think the less chance this thing has to work. But I could be wrong and perhaps there will be an upside breakout. At this point I feel as though I'll be stopped out but I don't want that to happen. Gold was up $5 today. The XAU sold off early but came back late. It still ended down 3/4 of a point. However it looks like the gold shares are trying to put in a bottom here. Trade report is out tomorrow. I'm not feeling well as I have caught a cold. I am trying to not let it affect what I need to do here. Mentally, the trading year has not started as I expected so I'm a bit baffled as to what to do at the moment. I'll stick with the GE trade for a while longer. Earnings come out on the last day of expiration. I certainly don't want to hold on that long but who knows?

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