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Tuesday, February 06, 2007

The Dow was up 4 points on light volume. Advance/declines were positive. We are churning here as the market makes up its mind on which way to go. I'm still looking at getting some puts if things work out. I'll have to see some strength tomorrow. It's risky but then again what isn't in this game. Gold was up over $2 today, with the XAU up 3/4. Again there was no volume in the gold shares which has me worried about going much higher here. The dollar was weaker though. I'm on the sidelines here but certainly want to get some calls before the earnings come out later this month. And who knows, perhaps I'll get some calls before the February expiration. But for now I'm mainly looking for OEX puts tomorrow or Thursday if possible. It won't be a long trade, timewise. It shouldn't be. However if we sell off before I might switch to calls by Friday. It's never set in stone. Mentally I'm doing OK I suppose. I need to do a bit more work tonight to get in the right frame of mind for this next trade. If I have to let February go by I will. But I do think there will be an opportunity here and I will try and make some money from it. That's about it for today.

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