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Thursday, January 15, 2009

It was a crazy day today as volatility has returned to the markets. The Dow was higher by 12 points after being down more than 200. Advance/declines were about even. Volume increased. My OEX calls are losers. I do expect a good upside move tomorrow but it won't be enough to save them. Today would have been the day to purchase the calls but what can you do? We are still oversold. It will bounce tomorrow. Gold moved back and forth as well finishing the day off a touch but rallying in the aftermarket. ABX up 2, GG up 3/4 and NEM up 1 1/2. Volume was good. This could be a short term bottom in gold. I'm looking at the calls but may have missed it again. We'll see. Mentally I'm doing OK considering that I'm sitting on another losing trade. Slept well enough. Cutting the loss is the mode now. That should be done tomorrow morning. I'm thinking that we will be up around 200 points on the Dow tomorrow at some point. That should be my exit point. Expiration tomorrow and we'll go from there.

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