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Tuesday, October 16, 2012

Continuing higher as the Dow gained 127 points on average volume.  The advance/declines were 3 to 1 positive.  Getting some OEX calls yesterday was the obvious trade that I failed to do.  Once again an opportunity has been wasted because I simply did not want to take the risk.  No risk, no reward in this game.  The summation index could turn back to the upside with todays numbers.  It appears that the stock indices want to rally into the election, which discounts an Obama victory.  2 solid up days are the beginning of a trend, as there are not any apparent sellers so far this week.  GE was flat on the day and the volume wasn't anything special.  Probably just waiting for the earnings on Friday here.  Gold bounced back as the US dollar was weaker today.  The yellow metal futures were up over $10 today.  The XAU gained 3 3/4.  ABX up a buck, GG added 1/2 and NEM led the way higher by 1 1/4.  Volume was light but the price action was positive.  I've left in the open order for the January ABX calls but we may start to rally in the gold shares as well.  The daily candlestick charts look constructive to the upside with todays action.  Perhaps the November calls are in order here.  Mentally I'm feeling a bit tired, could have slept better.  The positive expiration week bias remains as we have gained over 2oo points in the first couple of days this week.  Not taking advantage of that is painful.  But you have to move on.  It looks like new yearly highs for the stock indexes are coming soon.  The gold shares are outdoing the price of gold once again and that is a positive moving forward.  ABX, GG and NEM should follow the overall market higher unless we see some sort of breakdown in gold but I don't see that happening.  Gold is still attracting capital.  We'll see what happens tomorrow after tonights second presidential debate.  That may or may not influence the price action on Wednesday.

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