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Friday, January 09, 2009

The Dow lost 143 today on light volume. Light volume seems to be the norm now. Advance/declines were 2 to 1 negative. Opened lower, hung around all day and closed near the low. It could of been worse I suppose. Employment report not good as expected. We are getting short term oversold. I do believe there will be a decent OEX call trade at some point next week. Gold was flat today and the XAU fell 2 and change. ABX, GG and NEM all down. Volume was decent. I do want some calls here but not yet. GE dropped a touch but the time premium has been sucked out of my calls. They're done. Will be dumping shortly for a huge % loss. I thought I wrote once here before to not play GE ever again. I need to remember that. Did get an up move in the averages as thought but GE did not go along for the ride. The timing of the trade was off and it went downhill from there. Tough game. Mentally I'm tired, did not sleep enough and had other commitments for most of the day. I now have a losing trade soon to be on the books and that affects things going forward. I don't want to miss the opportunity that will be presented next week. It's a challenge that I need to overcome. I'll do what I can. Right now I need some rest. Check the charts over the weekend and go from there.

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