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Tuesday, March 09, 2010

Trying to move higher as the Dow was up 12 points on better volume. Advance/declines were positive. We were up as much as 50 points but sold off late. I placed an order for some OEX puts, adjusted the price lower and was not filled. In retrospect, I should have just left the original order in place. I'm leaving in an overnight order for the OEX puts but it may be too late. Even so, I'll be looking to purchase some OEX calls for option expiration week, barring a collapse here. I don't see that happening. Summation index still pointing higher but we are very overbought and haven't even had the pullback here that I'm looking for. Gold lost a couple of bucks today but was much lower. The XAU lost a point. ABX, GG and NEM were mixed with fractional moves one way or the other. Volume was light. The dollar was up a bit today. No trades for me in the gold shares here but GG announces earnings after the bell on Thursday. If anything, I'm looking at the puts there but I could be wrong. Mentally I'm doing OK. Frustrated at not leaving my original OEX order in because I would like to own the puts here. I can't believe that we won't see some weakness in the next couple of days. We have been overbought and have stayed there for too long already. I don't think that it's the beginning of something big if it does happen because the internals are so strong. But I do believe that it's trade worthy and that's why I'd like to do it. So we'll see what happens tomorrow.

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