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Wednesday, October 17, 2012

Just hanging around today as the Dow gained 5 points on average volume.  The advance/declines were 2 to 1 positive.  The overall market was stronger than the Dow.  The summation index is heading higher.  The Obama re-election rally lives on.  Look for new yearly highs in the S&P 500 in the next few days.  The positive expiration week bias remains in effect.  No telling how long this uptrend will last but higher is the path of least resistance for now.  GE was up 1/4 on light volume.  A waiting game on the earnings here.  A good number could propel this issue to new yearly highs as well.  Gold gained $6 on the futures as the US dollar was lower again.  The XAU rose 2 1/8.  ABX, GG and NEM all had fractional gains on light volume.  I'm leaving in the January ABX call open order for now.  Mentally I'm feeling OK.  A European summit meeting tomorrow will grab the headlines and could possibly be a market mover.  The market is trending higher regardless.  We could continue to the upside until the US presidential election.  That's a guess as usual.  The gold shares continue to outperform the price of gold itself.  That remains a positive going forward.  We'll  keep an eye on the overseas markets and go from there.     

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