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Thursday, October 04, 2007

The Dow was up 6 points on light volume. Advance/declines were positive. It's a waiting game for tomorrow. The overall market was stronger then the Dow. It has the feel of a market that wants to go higher. The OEX calls are more expensive then the comparable puts. So we'll see. Gold was up $8 and the XAU rose 3 points. ABX was up over a buck on good volume. Perhaps I am wrong and we will just get sideways action in gold instead of a decline. But I'm still thinking if the ABX puts get a bit cheaper that I am going to buy some. NEM was slightly higher on light volume. GE was up just a touch on very light volume. It looks like GE wants to roll over here and the market won't rally much without GE. The earnings are out in a week. Mentally I'm feeling OK. The market is waiting for the employment report and as I said before, I just don't have a good feel for it this month. The ideal scenario for me would be a decline in the market tomorrow into Monday and then get some calls for the OEX. But it's all just a guess at this point as the market will do what it will. I would like to make a trade but at the same time you've got to be patient and wait for a decent signal. It isn't easy to do but that's what must be done. Tomorrows number and the markets reaction to it should provide some near term direction.

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