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Wednesday, September 16, 2009

The market relentlessly continues higher as the Dow gained 108 points on good volume. Advance/declines were 4 to 1 positive. Very overbought and staying there. Everything that I thought was supposed to happen, didn't. Summation index heading higher but we are getting up to where it should turn around again. But who knows in a market like this? I'm on the sidelines and staying there for now. Gold moved higher, up $13 as the dollar sets new lows for this down leg. The XAU gained 3 points. ABX, GG and NEM all had fractional gains on good volume. I suppose I should have just paid attention to the gold market. I will from here on out. Mentally I'm feeling OK. Is the rally here an expiration related event? We'll find out in time. Often times September starts out one way in the first half and then does just the opposite in the second half. It's half over today so we'll see what happens from here. Not much else to report from here. Losing will do that. It's a confidence game a lot of the time. Right now I have none. I'll have to regroup. When the technical signals don't work, then it's time for me to step aside. We'll see how the week closes out.

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