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Thursday, July 09, 2009

Up and down today as the market tries to make up its mind what to do. We ended with a gain of 4 points on the Dow. Advance/declines were positive and the volume went back to being light. I get the feeling that the market is doing what it can to just hold on here. We are oversold though. However the summation index continues to the downside. I guess I'm trying to make up my mind as well. No OEX trades for now. Option expiration is next week. Gold bounced back $7 today and the XAU rose a point. ABX, GG and NEM all had fractional gains on light volume. Oversold here as well but I'm in no hurry to get long after yesterdays action. The dollar got pounded today as well and gold didn't move that much. It isn't a bullish sign. I'm going to have to be patient here and as I've said before that isn't the easiest thing to do. Mentally I'm feeling tired after yesterdays mini vacation. It is summer and things tend to be slow down. So it's sit and wait for now.

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