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Friday, July 10, 2009

Kind of a lackluster day as the Dow lost 36 points on light volume. Advance/declines were negative. A summer Friday. The NASDAQ was in positive territory and we are very oversold both short and medium term. I would be surprised if Monday was not an upside day. But the market will go where it wants and I've been pretty wrong about things for half the year. Gold lost $3 and the XAU was off 1/3. ABX, GG and NEM all had fractional moves on light volume. The dollar was a bit stronger. We are oversold on the gold shares but I'm still in a waiting mode for a position there. Mentally I'm feeling OK, slept well enough. So it's the weekend and time to catch up on the charts. Option expiration is next week and I have no plans for a trade at the moment. Summation index still pointing down. My scenario would be for higher prices early in the week and then selling off from there. But that's a guess. So we'll see what happens. Friday afternoon and time for a break.

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