A mixed day today with the Dow up and the SPX down. The NASDAQ was down also. Dow up around 15 points. Volume was expiration heavy and the advance/declines were negative about 2 to 1. This will probably turn the summation index back down. I'm still looking for near term weakness. GE was down around 30 cents. Holding my options here. Intel was down and I had an order to sell my calls but it wasn't filled. Needs to hold the 50 day moving average line again or it's a loser. Don't know but I wish I wasn't holding any. Sox index is breaking an uptrend line. We'll see but I don't like it now. Gold was down as was the XAU, NEM and ABX. The dollar was stronger. Will look for calls on the gold shares when the dollar index gets to 85. Could be a while. Support for NEM at $42 and might go long there. Pfizer continued to rally and I think that I missed that one and probably will forget about it. Not really looking for anything else at the moment. I'm still a believer that next year will be good and that January should see higher prices including 11000 on the Dow. I will be looking to get long on the weakness I expect in the next few days. The trouble is with the holidays approaching there will not be much interest in the markets. That could skew things and make it harder to get orders filled. Perhaps stepping aside would be the prudent thing to do. However I will be looking for opportunity as I believe other players will be too.
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