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Wednesday, December 03, 2014

Another day, another new all time high.  The Dow closed up 33 points on average volume.  The advance/declines were almost 2 to 1 positive.  I thought that perhaps we would simply move sideways here but up we go.  The summation index is trending sideways though.  The Fed minutes were a non event.  Waiting on Fridays employment report.  GE was up 1/3 on OK volume.  My open order was not hit but I am leaving it out there.  The GE March calls are the trade here for me.  Gold was up almost ten bucks on the futures.  The US dollar was higher today as well.  The XAU rose almost 2 1/2.  ABX, GG and NEM all had fractional gains to the upside on lighter volume.  My ABX January calls are still in the black.  Stalling at the 50 days moving average for both gold and the gold share indices.  A move above would be positive.  Mentally I'm feeling OK.  Tomorrow should be a waiting game on the employment numbers.  The short term technicals are mixed here so we could go either way.  I'd only be guessing at which way we will go.  It's the sidelines for now with regards to the OEX options.  Still plenty of time left in the December option cycle.  I think that gold and silver are still trying to digest the violent intra-day move on Monday.  Perhaps the jobs data will get things going here again.  I'm still looking at USO and considering a long trade there.  We'll watch what transpires in the overnight action and go from there.

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