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Wednesday, September 24, 2008

The Dow lost 29 points today on average volume. Advance/declines were negative. It was pretty much a sideways type of day. All eyes are on the Federal government and the passage of a bailout bill. Of course it's being held up while they talk about it for a while. But something will get passed and we'll have to wait and see the markets reaction to that. Gold was up a couple bucks today and the XAU gained 1/2. ABX and GG were up about a buck each and NEM lost 1/2. Volume was good but lighter than it has been. I'd still like to get some gold share calls again for October but there hasn't been a pullback. Oil was weaker and the dollar stronger but GG and ABX continued higher. I'll try and be patient. GE lost 1/3 on good volume. No trades there for now but I'm leaning towards the calls. Mentally I'm doing OK, could have slept a bit longer. So it's a waiting game for now. Not the easiest thing in the world to do but that's where I'm at. If we continue lower in the OEX it will set up a buy signal by Monday. The data releases are taking a back seat to the ongoing debate about the bailout. Interesting times indeed. Technically the market could go either way here. We'll see. The gold shares are overbought but haven't pulled back as of yet. Perhaps they won't. I'm keeping an eye on them. We'll see what tomorrow brings.

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