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Monday, January 07, 2008

We had an up day for a change. The Dow gained 27 points on heavy volume. Advance/declines were positive. The market has to bounce here. What it does after that is the question. We are at critical support for the OEX at around 660. Oversold and staying there which is never a good thing. I did have an order in late for OEX calls but we bounced in the last 15 minutes and it wasn't filled. I may or may not try again tomorrow. But that would be the trade here. Short term. Gold lost around $4 as the dollar had a good day. ABX and NEM both showed losses on heavy volume. That isn't promising for the bullish case. My order for NEM calls was filled and I almost was already stopped out. Perhaps this isn't the time to chase it. If I do get stopped out I will try and get something for February. We'll see what happens. GE was up slightly on heavy volume. The earnings are coming out a week from this Friday, not as I had previously stated that they would be out this Friday. I'm going to try and not trade it anyway. Mentally I feel fine, got a good nights sleep. I might try the OEX calls tomorrow if I get a chance or I might just let it go. We'll see. There is plenty of bearishness out there at the moment which in turn makes me feel good about going the other way. That and the fact that we are technically oversold makes the odds of getting calls here better than average. That's the feeling at the moment. Of course, that could all change tomorrow.

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