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Wednesday, June 04, 2014

More of the same as the Dow added 15 points on light volume.  The advance/declines were barely positive.  The overall market was stronger than the Dow and this bodes well for the bulls.  Still overbought and staying there for the stock indices.  Nothing new to report.  The Fed beige book came and went.  Perhaps the employment report on Friday will get things going.  My June OEX puts are still losers.  The low movement, low volatility environment we are currently experiencing isn't helping the options game.  Unless you're writing them.  GE was down 1/4 and the volume remains light.  Perhaps GE is the canary in the coal mine.  Probably wishful thinking there.  Gold was flat again as the US dollar was a bit higher.  The XAU was flat.  ABX, GG and NEM were all little changed on light volume.  There is no new news for the gold shares.  It's a waiting game to get long again here at some point.  Mentally I'm feeling OK.  Slightly more than two weeks to go in the June option cycle.  Unless we get some downside before the end of the week, I'll probably have to dump the June OEX puts that I own.  This trade will be a loss barring something out of the ordinary in the near term.  Tomorrow will probably be a wait and see what happens on Friday kind of day.  Gold remains a non event on the long side.  We'll keep an eye on what develops overnight and go from there.

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