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Wednesday, January 30, 2008

Now that was a one day reversal. The Dow rallied almost 200 points after the Fed cut rates again only to fall back and end the day down 37 points. Advance/declines were negative and the volume was good. It was the opposite of last week when we got a positive one day reversal move. We'll see if this one follows through to the downside. GDP was weaker then expected. My thought on todays action was that all the good news from the Fed is over for now. What more can the Fed do at this point? It's lowered rates over a point in about a week. I think that's why we fell like a rock. Gold lost a few bucks and the XAU was up a couple points after the Fed. ABX was unchanged while NEM gained a buck. The volume wasn't as strong as it has been. HL didn't do much. I'm still thinking about the calls there before the earnings. INTC was up a touch on better volume. If we pull back I might try the calls there as well. GE was up 1/4 but was much higher earlier. No trades there. Mentally I slept well and am feeling fine. My thinking is that we now might get the retest of the lows set last week. That could set things up for the calls going into expiration. Or the lows won't hold and we're going lower. It's all a guess at this point. We could move higher tomorrow, negating todays action. So the market is in its usual state of flux. Employment report on Friday should be the next big mover. I'll be keeping an eye on things and looking for the next good opportunity.

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