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Tuesday, July 14, 2009

We started out a bit lower and closed higher again. The Dow was up 27 points on light volume. Advance/declines were 2 to 1 positive. We also closed at the high of the day. Todays action should turn the summation index back to the upside. Perhaps the worst is over in the stock market for now. We'll see. Obviously buying calls on Monday continues to look good. Gold was little changed on the day but the XAU rose 2 1/2. ABX was up 7/8, GG and NEM gained 2/3. Volume was light. The dollar didn't do much today. I'll be getting long the gold shares eventually. Mentally I'm doing OK, a bit tired. Tomorrow looks like it could open higher since INTC just reported better than expected earnings. But that remains to be seen. Expiration week as well and so far there has been a positive bias. Not much else to say here, it's just a summer Tuesday.

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