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Wednesday, August 31, 2011

It was another up and down day as the Dow was up 150 early, then grinded all the way back into negative territory before a comeback in the final hour. We ended the day higher by 53 points. Volume was average. The advance/declines were 2 to 1 positive. The month of August we just completed was a wild one. Let's hope we don't see a repeat in September. We are short term overbought now and I would like to try the OEX puts for September. Perhaps tomorrow before the employment report as that was the original plan. We'll see. GE was up 1/8 on average volume. Not completely overbought here. I'm still looking out to January here. No hurry. Gold was flat on the day and dropped a touch in the aftermarket. The US dollar was higher today. The XAU was off 1/2. ABX down 1/8, GG fell 3/8 and NEM dropped 1/2. We were lower earlier in the day. I dumped the ABX calls. Overbought and staying there but I could not risk holding on any longer. It was a 65% profit and it should have been much more. There's still a chance that ABX moves higher here in the near term before a pullback. I would like to try the ABX calls again for October. Mentally I'm doing OK. Looking for some OEX puts tomorrow. Beginning of the month and possible positive money flows. Employment report on Friday. There will be plenty of data in the next two days and then a long weekend. The trading is never easy. I'm not sure that I have the same feel for things as I did a couple of weeks ago. However I'm going to move forward. If we get the expected drop in the stock indices here I'll have another chance for the ABX calls. If not there is nothing that I can do about it. I'll take the recent ABX trade as a positive and go from there.

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