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Monday, February 02, 2009

A lackluster Monday as the Dow lost 64 points on light to average volume. Advance/declines were negative. Beginning of the month and it should have some supportive money flows. The overall market was much stronger than the Dow also. Summation index is pointing down though. Another day or 2 of decline and we will be short term oversold. Employment report due on Friday. Gold had a bad day off $20. The XAU fell over 4 points. ABA, GG and NEM all were down but the volume was light. I have an overnight order in for some GG calls. I'd like to own some gold share calls before the employment number on Friday. That's the idea at the moment. The dollar was weaker today and it didn't help gold but gold was overbought. So we'll see where we go. Mentally I'm doing OK, could have slept better. Option premiums are getting better as we have less than 3 weeks to go. I'm sure that I will try something. If there is a decent signal in the OEX, I may give that a shot. That's it for today.

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