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Wednesday, April 25, 2007

The Dow plowed higher into record territory, up 136 points on heavy volume. Advance/declines were 2 to 1 positive. We are on a momentum run. The news doesn't matter it is just up, up and away. Other indices are looking at new recovery highs or all-time highs as well. So sit back and enjoy it. We are overbought and staying there. I have no trades at the moment and will not chase the move. Not yet at least. Gold was little changed but the XAU rose a point and three quarters in sympathy with the overall market. Volume was light in the gold shares though. I will perhaps short this market but nothing doing yet. And so it goes. There is no telling how high we will go here but I can't expect this to last forever. 1st quarter GDP tomorrow. We'll see how the market reacts to that but nothing seems to phase it at the moment. GE was up good on heavy volume today as well. You can't fight the tape. It is a losing battle. The only way to go here is long until this run plays itself out. And there is no telling how long that will be. Mentally I'm OK. Feeling a bit sorry that I'm not long something but that will get me nowhere...

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