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Tuesday, November 17, 2009

Opened lower and closed higher as the Dow gained 30 points. Nothing seems to stop the market at this point. Volume was weak however and the advance/declines were negative. The summation index is still heading higher. There's usually a positive bias during expiration week and we've seen that so far. I'm trying not to make a trade here but I am leaning to the short side. Risk is very high with 3 days to go though. Gold also sold off and came back to be unchanged on the day. The XAU was up a point. ABX gained a buck, GG was flat and NEM rose about 1/2. Volume was light. The dollar had a bounce and the gold shares hung in there pretty well despite that. I'd love to try something on the long side here as well but again, there's only 3 days to go. So hopefully I'll just ride this week out on the sidelines and go from there. But you never know. Mentally I'm feeling fine, slept well again. Trying my best to not do anything stupid here. Holiday week coming up as well. Patience is king at the moment. The stock market continues higher and it looks like that is the path of least resistance. Volume hasn't been that good lately and that would be a concern going forward if it doesn't pick up. So we'll see.

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