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Wednesday, February 20, 2008

A turnaround to the upside today as the Dow gained 90 points. Advance/declines were positive and the volume was average. We were lower early and turned it around. I am surprised as I expected weakness this week. Shows what I know. We are getting medium term overbought. That could last a while, it happens sometimes. I'm on ths sidelines for the OEX until I get a solid signal. Gold was up $8 and is rallying in the aftermarket another $10. The XAU gained 3 1/2. ABX, NEM and GG were all up fractionally on good volume. They all report earnings tomorrow. I almost bought some GG calls today. Gold is breaking out to new highs. I probably should have bought the calls today but I couldn't do it. The gold shares are already overbought and if earnings disappoint there will be weakness. That said they sometimes stay overbought for weeks. It's that kind of move at times. Oil just hit $100 so there is no reason gold can't get to $1000 in the next few weeks. The time to purchase the gold share calls was last Friday. It is always easy to look back. We'll see what happens tomorrow. GE was up a touch on light volume. It isn't doing much. I'm glad I don't have a position there, it would be a waste of effort. Mentally I'm doing as good as can be expected. Plenty of time on the March option cycle and there should be some trading opportunities. Today we got higher inflation data and the Fed minutes. The market moved higher. That may tell you something about where we are going. Or not. We'll see what the gold shares do on the earnings tomorrow. For those keeping track, this was the blogs 1000th post...

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