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Monday, December 14, 2009

We started the week off with a gain as the Dow rose 29 points today on light volume. Advance/declines were positive. We're getting short term overbought here but that doesn't mean that we can't go higher. We are at the top of the trading range. Will we break out to the upside? Stay tuned. Fed on Wednesday could be the catalyst. Or not. That is the type of market environment at the moment. Perhaps I'll try the OEX puts but I doubt it. Gold was up $4 and the XAU rose 2 points. ABX, GG and NEM all had fractional gains on light volume. Oversold here but still not at the rising trend lines. I don't think I'll be trying anything for December but I'll have to see what tomorrow brings. Running out of time for sure but it is possible that the Fed will be a catalyst here as well. The dollar was a bit weaker today. Mentally I'm feeling OK, slept pretty good. So we have 4 days left which is enough time for a short term trade, which really isn't my best type. It would probably be best to stay on the sidelines but we'll see. I still am in the mindset of getting some January gold share calls. The technicals are oversold on a daily basis, neutral on a weekly basis. Let's see what happens on Tuesday.

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