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Thursday, April 29, 2010

Continuing to the upside as the Dow gained 122 points. Advance/declines were 3 to 1 positive and the volume was good. That 200+ point decline on Tuesday? Forgotten for now. The summation index will be moving sideways once again. Hard for me to make out exactly what is going on here. Sell-offs don't have any staying power. Are we going back for new recovery highs? Seems like it. I'm still thinking about getting the OEX puts when and if we get overbought next week. Gold was off $3 but the XAU rose 2 points. ABX and NEM both had more gains but GG not as much. GG disappointed on its earnings report. Volume was above average again. We are overbought here now on the gold shares but staying there. I may try the ABX calls again if we get some weakness. The gold shares continue to outperform the metal. The volume continues to be good to the upside. Money is flowing into gold assets. Mentally I'm doing OK, slept well enough. GDP tomorrow and that will be the early market theme. I'm considering leaving in an order for some OEX puts but I think I'll wait until next week. Plenty of time remains on the May option cycle. Still thinking about the last ABX call trade but trying not to dwell on it. It's where we go from here that matters.

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