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Wednesday, June 18, 2008

Continuing to the downside as the Dow dropped another 131 points. Volume was heavy and the advance/declines were over 2 to 1 negative. If I were a short term trader, I'd be looking for a bounce tomorrow. I think Friday will be a down day though. It looks like we will test the lows from earlier this spring. My guess is that they will hold for now but it's just a guess. Anything could happen. Gold was up 6 bucks today and continues higher in the after-market. The XAU rose 1 1/4. ABX, GG and NEM were all fractionally higher. However the volume continues light. Got another buy signal for the gold shares today. I would like to act on it but the volume is keeping me out. However I am looking at the July calls now for those 3 issues. That looks like it could be the next trade now. GE lost over 60 cents on heavy volume. As much as I'd like to get the July calls there, I might just have to sit it out. This is a falling knife that is burrowing into the ground at this point. But we'll see. Maybe I'll take a stab at it, pun intended. Mentally I'm doing fine, slept OK. Staying out of the June option cycle which really gave some good opportunities to the downside. I just wasn't sharp enough to take advantage of them. 2 days left before expiration. Looking to July now and also interested in how this week ends. I'm thinking up tomorrow and down on Friday.

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