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Wednesday, December 28, 2011

Moving lower today as the Dow lost 140 points on light volume. The advance/declines were 4 to 1 negative. Bad news out of Europe this morning, at least that was the perception. The market is still hostage to the headlines as it has been for quite some time. Working off the overbought condition in the stock indices is my take on things at the moment. I could be wrong as usual. It's still a holiday mode market until next week. GE was off 1/8 on light volume again. My GE calls are losing ground but I'm still holding on until next year. That has been the plan and I'm sticking to it for now. Gold took another hit today, the futures were off $30 and fell another $10 in the aftermarket. The US dollar rose on the weaker European debt perception. The XAU was off 6 1/3. ABX down 1 1/4, GG off 1 2/3 and NEM dropped 2. Volume picked up to the downside. Could be the final tax-loss selling for the year or we could be starting another leg down in gold. Not sure but I still would like to try the gold share calls again early next year. Haven't gotten the Gold/XAU ratio signal yet but we are getting close. Trying not to do anything this week. Mentally I'm feeling tired, did not sleep well. Just hanging around for the rest of the year. Light volume skews the moves this week. Markets are in holiday mode. 2 trading days to go.

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