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Tuesday, November 02, 2010

The Dow gained 64 points today on average volume. Advance/declines were almost 3 to 1 positive. It looks like we are going to try and break out to the upside. I am not a believer though. Last night I entered an order for some OEX puts. I am leaving it in for tomorrow. We will be both short and medium term overbought tomorrow on any positive movement in the indices. The Fed announcement should be a market mover tomorrow. We'll see what happens. Gold rose $6 today and the XAU was up 1 1/2. The dollar took a good drop today, however gold itself didn't do much. Another Fed waiting game here in my opinion. ABA and GG were both up about 5/8 on light volume. NEM reported earnings and fell 1 1/3 on good volume. I'd still like to try something in the gold shares if we get some type of pull back. That remains to be seen. Mentally I'm doing OK. So I'm going to try the OEX puts here on the Fed announcement. We also have the employment report out on Friday. I don't expect this trade to be held for a long time if it gets filled. I will again check the charts tonight and see if any adjustment needs to be made. Perhaps I will decide to cancel the open order but I doubt it. We should see some volatility tomorrow.

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