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Tuesday, May 19, 2009

A slight pullback today as the Dow lost 29 points. The overall market fared a bit better. Advance/declines were positive and volume was average. I'm still leaning towards the OEX puts. I'd like to see some negative divergence with the McClellan oscillator at some point this week. But that may just be wishful thinking. I may try and let this week pass, we'll see. Gold was up $5 and the XAU rose 3 1/3. We were higher than that but sold off in the last hour along with the overall market. ABX up 1/2, GG up 2/3 and NEM up over a buck. Volume was light but better than yesterday. The dollar lost ground again. If we get a drop in the overall market it will probably take the gold shares along with it. Again, I'm going to try and wait for a pullback here before trying the calls. Mentally I'm a bit tired, did not sleep well. So we'll have to see what happens from here. Perhaps today was the day to get the OEX puts, I don't know. I'm trying to stay patient with so much time left on the options. But the market certainly won't wait for me. On to Wednesday.

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