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Friday, November 16, 2007

The Dow closed up 66 points on expiration heavy volume. Advance/declines were negative. It was a back and forth day. The market is trying to hold on here. It might, we are oversold. But it also might not. Next week should be slow and light with the Thanksgiving holiday. I think that I will let next week pass and go from there. We'll see. Gold lost a buck but the XAU gained over 2 points. ABX and NEM were both up on good volume. I'd still like to get short the gold shares if they rebound here. But I could be wrong. GE was up a third on good volume. I'm waiting for GE to get to the weekly up trend line and it is about a point away. If and when we get there it will be time for me to own some calls. Mentally I'm doing OK but physically I'm not feeling too good. I'll rest over the weekend and should be fine. I'll be checking the charts over the weekend and taking it from there. The summation index is still pointing down and I don't want to fight that. With the market having a gain today and the declines leading the advances, it doesn't look like the downward pressure for stocks is about to end. We also have broken the weekly up trend line and if we don't hold around here the support is much lower. So I'd be cautious here and I am. But for now it's the weekend and time for a break.

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