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Monday, January 25, 2010

A slight bounce today as the Dow gained 24 points on lighter volume. Advance/declines were positive. We were higher for most of the day but then sold off in the last hour. Still oversold here so I would expect some more upside at some point this week. Fed meeting starts tomorrow and then the rate announcement on Wednesday. I'd expect tomorrow to be a day of waiting around but I could be wrong. OEX puts at some point seem to be the play. Gold was up $6 but the XAU fell 1 1/2. ABX, GG and NEM all had fractional losses on good volume. The dollar was little changed. I left in an overnight order for some ABX calls and it got filled. It's already in the red. The stop-loss order has been placed. This could just be a mistake as the gold shares are showing me nothing at the moment. This is supposed to be a quick trade and I will most likely give it until the Fed announcement. The technicals on the gold shares are oversold and a bounce is due here as well. Unless it doesn't happen of course. So I'm giving it a couple of days and then we'll see what happens. Mentally I'm doing OK, slept well enough. So another trade is underway and I'm wondering if I should have just waited to get some OEX puts instead? I still plan on getting some, perhaps later this week. On to tomorrow.

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