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Thursday, March 08, 2007

The Dow gained 68 points today on still pretty heavy volume. Advance/declines were 3 to 1 positive. I did put in an order for OEX puts but it was not filled. We were up over 100 at one point. We reached the 1st retracement level today and sold off. Which means that could be it for the bounce. I sure hope not as I really want to own some puts before we retest the low. I think that is going to happen before expiration. But now all eyes will be on the employment report tomorrow. I don't have any ideas about this and will look to see how the market reacts. Gold gained a couple bucks and the XAU was basically unchanged. Volume was lighter than lately. I adjusted my ABX calls order down again. I don't see any real movement into gold or any strength here. I do want to be long gold however before the inflation reports at the end of next week. Mentally I'm being patient but I'm not sure this is the time to be. Tomorrow will tell a lot. I'm hoping for an early rally but I don't know. I'm a bit tired from not sleeping well but I don't think that affected anything that I did today. So it's time to just sit tight and wait for the morning...

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