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Tuesday, September 28, 2010

We opened lower and closed higher as the Dow gained 46 points on average volume. Advance/declines were 2 to 1 positive. I have thoughts of trying the OEX puts again but the market seems like it just wants to go higher. There also appears to be a lot of bulls coming out of the woodwork. If we break 1150 on the S&P 500 then we should move higher. I'm on the sidelines for now. Gold set yet another new high as the dollar continues to drop. It was up $10 on the futures. The XAU gained 3 3/4. ABX up a buck, GG gained 1/2 and NEM rose 1 1/2. Volume was good. Money just continues to flow into this sector. I placed an open order for some ABX October calls. However most likely today was the day to purchase them. Still overbought but it just doesn't correct. We'll see what happens. Perhaps today was just an end of the month window dressing for the gold shares. It's tough to chase things sometimes. As I remember, it didn't work the last time I tried it. Mentally I'm kind of in a funk. I really don't have a good handle on things here. No reason really. The stock indices are in an uptrend and gold is too. But these trends don't last forever.

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