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Friday, February 16, 2007

We didn't do much today for expiration. The Dow was up a couple of points on light volume. Advance/declines were even. I'd like to get some OEX puts for the rest of this month. That is the idea today. I will maybe pick some up when we re-open on Tuesday. We are just about short term overbought. I'll have plenty of time to consider things over the weekend. Gold was up around a buck and the XAU fell a point and a half on light volume. Earnings next week for ABX and NEM and I would really like to have some calls before then. But the technicals are blown out to the upside and have been for a while. Perhaps February was the cycle for this. But I can't help but think the earnings will be good and the stocks will break out. There is nothing changing the direction of gold at the moment either. It is moving higher. The inflation data was benign today. Housing starts were weaker. The dollar was up a touch, which was a mild surprise given the data. So I will have to consider everything over the weekend and take it from there. Mentally I'm a bit confused as to which way to go but my ideas have been correct lately but that means nothing going forward. I'll just have to try and sort things out over the long weekend and get ready for Tuesday.

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