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Wednesday, October 01, 2008

We spent the day bouncing around with the Dow closing down 20 points on average volume. Advance/declines were slightly negative. Waiting for the Senate bailout vote tonight. The market is hostage to the bailout problem and it's a different type of trading atmosphere. No OEX trades for now. Gold was up $6 in the futures market but has sold off pretty good since. ABX and GG were both slightly higher after being up much higher earlier. NEM had a slight loss. Volume was good. The action in the gold shares today was negative for sure. The GG calls are barely profitable. The dollar was higher today. However, I believe we are at or near resistance for the dollar at theses levels. So we'll see. GE lost over a buck on insane volume. GE is issuing more common stock, never a good sign for the stock price. Warren Buffet said he would be investing in GE at this point. So it too bounced around but closed lower. I'm staying away from it for now. Mentally I'm a bit tired again, did not sleep as good as I could. So we go on to tomorrow still uncertain of what exactly is going on here. The sidelines aren't a bad place to be. Anything could happen at this point. There really are no clear technical signals and the volatility is extreme. Still plenty of time in the October option cycle. So we'll see what happens. Employment report on Friday if anybody cares.

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