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Wednesday, November 17, 2010

The Dow fell 15 points today on average volume. Advance/declines were positive. The overall market was stronger than the Dow. We are oversold and due for a bounce. I did cancel the open order for the OEX calls but I do think that trade could work in the next 2 trading sessions. I may try again tomorrow. Getting medium term oversold as well and will be with any negative action tomorrow. This would be a risky trade but the odds are in favor for a bounce. GE was flat on the day and my January calls are slowly losing ground. I may not hold this into next year after all. We'll see. Gold lost a touch in the futures market. The XAU gained 1/2. ABX, GG and NEM had fractional moves one way or the other on light volume. The dollar dropped slightly. No trades in mind here at the moment. Mentally I'm feeling OK. Just 2 days before option expiration and then a shortened holiday week. Perhaps the best course of action will be to just stay on the sidelines. I'll see how we open tomorrow and go from there. The trend is still lower for now, even if we get the expected bounce.

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