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Monday, August 31, 2009

We ended the month on a down note as the Dow lost 48 points on average volume. Advance/declines were over 2 to 1 negative. We were down about twice as much during the day. The market needed to have some decline here and I would expect some more near term but I also expect us to head back higher towards the end of the week. It's too late for the OEX puts right now but there still may be a time to get them during the September cycle. Who knows, I might try them again. Gold lost $5 today and the XAU dropped 3 1/2. ABX and GG were both off around 3/4, while NEM fell 1 1/4. The dollar didn't do much today but oil dropped around $3. I put in an open order for some ABX September calls. I'm leaving it out there for now. This may not be the greatest trade in the world but I am going to take a shot here. I'll adjust things as the market dictates. Mentally I'm doing OK, slept enough for today. Beginning of the month tomorrow and perhaps this will be a slow week as well. Labor Day is a week from today. There's a chance that we just drift sideways this week. There will also be one less trading day for this option cycle. Things to ponder.

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