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Wednesday, November 24, 2010

The Dow bounced back 150 points in pre-holiday trading. Advance/declines were 4 to 1. Volume was light. We are moving sideways as we have now relieved the overbought condition of a couple of weeks ago. The summation index is still heading down but may turn up soon. That's a guess. The market has shrugged off the Korean tensions and the Irish debt problem. We could have had more downside with all the bad news but so far it looks like a consolidation before we go higher. GE was up 18 cents on light volume but it didn't help my January calls. I'm not sure this was the trade to do looking at it now in retrospect. But we'll see what happens. Gold lost $5 but the XAU gained a point. ABX and GG were fractionally higher, while NEM fell 1/2. Volume light here as well. The dollar didn't do much today. I'll look at the gold charts over the weekend and decide what to do there. I think the sidelines are the place to be there for now. Mentally I'm doing OK. That is about it for this weeks trading for all intents and purposes. Thanksgiving is tomorrow and then we have a shortened stock market session on Friday. Other markets will be closed. So it's time to take a break for a few days barring any unforeseen circumstances. Enjoy the holiday.

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