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Monday, October 11, 2010

It was a quiet expiration Monday as the Dow gained 3 points on light volume. Advance/declines were positive. Not much to say about todays session. Banks were closed for Columbus Day. All the players should return tomorrow. Overbought here but I don't think I'll be attempting any trades. 4 days left for the October options. So we'll see what happens. Gold bounced back another $10, even with the dollar moving higher. The XAU was flat. ABX, GG and NEM all had fractional moves one way or the other on light volume. I might try a trade here this week but we are very overbought and it has been for an extended period of time. However the money continues to flow into gold and that must be respected. I've stated this for quite some time now. Of course, I haven't made any money on the fact. The Fed minutes will be announced tomorrow and that could be a market mover. Otherwise there isn't much data until the end of the week. Mentally I'm doing OK, a bit tired. The smart thing for me to do here is let this week pass. The November options have an extra week on them. So we'll see.

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