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Monday, November 03, 2008

A waiting game as the Dow lost 5 points on light volume. Advance/declines were positive. We are overbought and due for a pullback. The market is waiting on the election results and the employment report. But at least we are getting into a more normal market mode. Any retreat in prices can be bought in my opinion. Gold was up around 8 bucks today but the XAU was flat. ABX, GG and NEM didn't end with much of a change one way or the other on light volume. Wouldn't be surprised to see a pull back here as well. GE lost about 1/4 on light volume. The options went up in price which again, makes no sense. I'm holding for now but will be looking to get out. I think it is a legitimate play though. Mentally I'm doping OK, slept well enough. I am looking at some longer term trades in individual stocks as I mentioned before. However It looks like I've missed the moves because they have all rallied strongly from their lows. If we get a pull back in these issues as well, I will give them a shot. At the moment I'm stuck in HL which releases its earnings tomorrow. I bought it twice on the way down and it is a loser at the moment. No hurry there but the entry timing was way off. And so it goes.

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