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Tuesday, August 04, 2009

Continuing higher, it's like a broken record. The Dow gained 33 points on average volume. Advance/declines were positive. Tried to sell off but the market only knows one way at the moment and it's up. Oversold, staying there and you start to get the feeling that the market will never go down again. But we know better than that. Can't fight the tape here but the summation index is getting far too extended. So we'll see what happens. Gold continues higher, up another $10 today. The XAU was flat though. ABX, GG and NEM had fractional moves either side of unchanged. Volume was light. The dollar stabilized today. I still might try the gold shares if we get some pullback. Mentally I'm a bit tired, did not sleep well. How much longer can the summer rally go on? That is the question. There doesn't seem to be anything to stop it at the moment. Perhaps the employment report on Friday but who knows? I'll continue to keep an eye on how things develop.

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