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Tuesday, June 02, 2009

A day to consolidate the gains as the Dow gained 19 points on average volume. Advance/declines were higher. My overnight order for the OEX puts was filled in the morning. They are at about break even. Another up day tomorrow and we will be short term overbought. It is a risky trade but then again they all are. I'm going to wait for the employment report on Friday regardless. So we'll see what happens. Gold was up $4 today and the XAU gained 3 1/2. ABX was uo 1, GG up 2 and NEM up 1/2. Volume was heavy to the upside after yesterdays drop. The dollar lost ground again. The gold trade continues to work. The money continues to flow there. Perhaps I should have stepped up yesterday but if my idea of a drop in the stock market here is correct, the gold shares will initially follow I presume. Not to mention we are very overbought with respect to the gold shares and have been for a while. This won't last forever. Mentally I'm a bit tired. Did not sleep well and was woken up early. So a new trade has begun. Unless we get an upside breakout from here, which I doubt, I'll be waiting for Friday morning. We'll see how it goes.

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