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Monday, December 29, 2008

Another downer to start the week as the Dow lost 31 points on light volume. We were down a buck fifty at one point. Advance/declines were negative. Just a couple of days left in this years trading. It looks like we're in a holding pattern until next year and then perhaps nothing happens then either. But we'll see. I do expect some type of pop to the upside within the next 3 days according to the technicals in my view. Gold was up about 5 bucks today and the XAU rose 3 1/2 points. ABX and GG tacked on a buck and NEM was up 2. Volume was good in the gold shares as international unrest helps its cause. The money is flowing into gold and that has been a theme for the past 2 months. GE lost 30 cents on light volume. My calls continue to lose ground but I'm holding them for now. Mentally I'm doing OK, slept well enough. Todays action suggests that perhaps we will move higher near term. However with light volume and another holiday week in store, nothing is for certain.

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