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Friday, January 16, 2009

The Dow gained 68 points today on good volume. Advance/declines were positive. We were up strong in the first 10 minutes and never got back there. We are as oversold as it gets and I am at a loss for why there is no bounce. The conventional things aren't working again and that leads me to believe that more downside is in the works. My OEX calls got killed and it's basically a 100% loss. I gave it a shot and it didn't work. Not a good start to the new year at all. I'll regroup and keep going forward. It's all I can do. Gold was the star once again, up over $30. The XAU gained 5 points. ABX, NEM up 3/4 and GG up 1 1/4. Volume was strong as well. Money continues to flow to the gold shares. Perhaps I'll try the February calls there. An extra week in the February cycle so there's no hurry. Mentally I'm a bit tired. It's a risky game and I haven't even been close on my last 2 trades. Mistakes happen so there is no use to beat myself to death. I'm concerned that the market isn't acting well here. It seems like the liquidation we saw in the fall of last year has returned. I certainly don't have the answers. I'll have to check things over during the long 3 day weekend. Take a break and start fresh on Tuesday.

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