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Monday, March 16, 2009

So we had a one day reversal, as the Dow was up over 160 points and ended the day down 7. Volume was average. Advance/declines were positive. We were short term overbought and we're working that off. I did want to get some OEX puts but from higher levels. I don't think I'll do it now but you never know. The candlestick charts on the stock indices look like a short term top has been put in. So we'll see. I wouldn't be surprised if we squeeze the shorts again this week too. Gold lost 8 bucks and the XAU dropped 1 1/4. The gold shares themselves were mixed. ABX was flat, GG of 1/3 and NEM down a point. Volume was light. I'm still thinking April calls there. I'll need to see more of a pullback though. GE closed flat after being much higher. Nothing doing there. Mentally I'm doing OK. Got a late start today but I don't have anything imminent in the works. Checked the charts over the weekend and getting some OEX puts looks to be the only trade this week. However, I was looking for strength into Wednesday and we have already turned around. So it looks like a waiting game for now. We'll see what tomorrow brings.

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