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Friday, January 02, 2009

A positive start to the New year as the Dow gained 258 points. Advance/declines were about 5 to 1. Volume was weak once again. The rally has had everything going for it except for volume and that could be a problem going forward. Maybe. Overbought and staying there which is usually a positive for the bullish cause. So we'll see what happens when everybody gets back to work next week. Gold lost $7 and the XAU was off a touch. ABX, GG and NEM all had fractional losses on light volume. The dollar was higher today. Not trades here for now but I'm keeping an eye on it. GE was up around 3/4 on light volume. It hasn't participated in the recent rally as I thought it would. Hopefully will get going to the upside with some momentum but hope isn't a good reason to trade. My calls are coming back and are almost at break even. I'm holding on for now. Mentally I'm doing OK. The back-up computer is holding up for now. It looks like trading the OEX calls instead of GE would have been the better position. Hindsight always chooses the right vehicle. I'll check the charts over the weekend and go from there.

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