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Friday, January 30, 2009

Continuing to the downside as the Dow lost 148 points on average volume. Advance/declines were 3 to 1 negative. The GDP number came in better than expected but was still weak. The summation index should be back to pointing down. It seems like it is that type of market. One which is tough to trade and there is no sustainable trend one way or the other. You have to be quick to take what you can get. Gold had another good day, up over $20. The XAU however was off 1 1/2. Go figure. ABX lost a buck while GG and NEM were little changed. Volume was good again. When the metal goes up and the stocks don't follow, you have to take notice. So perhaps a pullback in gold is due. The dollar continues higher as well. However, if I feel an opportunity is at hand for the gold shares, I'll take it. Mentally I'm a bit tired. Did not sleep as well as I could have. January is over and it was a down month again. The tough times for the stock market continues. I'll take a break this weekend and get back at it on Monday.

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