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Friday, August 31, 2007

The Dow rose 119 points today. Advance/declines were about 6 to 1 positive. The volume was light again. We were up around 175 at one point before profit taking and end of month gyrations appeared. Bernanke spoke and didn't say anything negative plus Bush came out with a plan to rescue homeowners. It was everything the bulls could hope for. The rally has everything but volume and I do not trust light volume rallies. But you cannot deny price and the summation index is solidly moving higher. Next week all the players will return and we will go from there. Gold was up $8 today and the XAU rose another 3 1/2 points. ABX was up over a dollar and the volume was OK for a summer Friday I guess. The dollar was flat so I don't know what caused gold to move. Perhaps it was end of the month movement and squaring. I'm still bullish on ABX calls and will be looking for an entry point although it may be too late. The weekly indicators haven't turned up yet which keeps me out for now. GE was up a half on average volume. Mentally I'm feeling OK. No positions to start next month and I'll check things over the long weekend. I'm still leaning towards getting some OEX puts if we get overbought before the employment report. But that could change. I'm looking forward to this little break before we get back to business.

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