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Thursday, July 23, 2009

We broke out to the upside today as the Dow gained 188 points on heavier volume. Advance/declines were 5 to 1 positive. It's hard for me to believe how overbought we are. And staying there. It's the exact opposite of when we tanked last year by staying oversold beyond comprehension. So it goes. I dumped the OEX puts for a 50% loss. Now tomorrow we will probably get the down move I have been waiting for. MSFT just missed on its earnings and could set the tone for tomorrow. Gold was up a buck and the XAU gained about a buck. ABX and GG had fractional gains on good volume for lately. NEM lost 1/4 on bad earnings. Volume was nothing special. The dollar was flat today. Overbought on the gold shares and I'm on the sidelines. Mentally I'm doing OK. The OEX trade I just did was really stupid. My trading thus far this year is ridiculous. I've got to somehow right the ship, turn things around and get my act together. When I didn't take the buy signal last week, we soared. When I took the sell signal this week, we just continued higher. It's the toughest game in the world sometimes. I'm going to have to work harder and keep at it though.

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