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Thursday, December 01, 2011

A day to digest yesterdays huge market gains as the Dow lost 25 points on light volume. The advance/declines were negative. We're getting short term overbought but if this is really a strong market, that won't matter much. I believe we are in another uptrend but subject to headline risk as is the usual lately. The employment report will be out tomorrow. I have no idea what that will bring but we will watch the markets reaction. No OEX trades in mind at the moment, perhaps some calls for expiration week. GE was flat on the day with lighter volume. The calls I own are still in the black. Still stuck at the 50 day moving average line here. Gold fell $10 in the futures but came back in the aftermarket. The XAU was off 2/3. ABX, GG and NEM had slight fractional moves one way or the other on lighter volume. I still want to get some gold share calls even after the recent run up. I'd like to see some pullback and we got very little today. Perhaps there will be an opportunity next week. Otherwise I'll just have to chalk it up as another missed trade. Hopefully that won't be the case. The US dollar was flat on the day. Mentally I'm feeling tired, did not sleep well. It's been quite a positive week for the stock indices so we'll see how we end things tomorrow. It's possible that the employment report could be another non-event as it has been lately. We'll see. I'll be keeping an eye on the gold shares for an entry point but like I said before, it will probably be better to wait until next week. On to tomorrow.

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