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Thursday, June 17, 2010

We were lower for most of the day but a late last half hour rally carried the Dow to a gain of 24 points on average volume. Advance/declines were slightly negative. I continued to have an order in for some OEX puts but it looks like it won't be filled. There's only one day left for the June options as it is. If I could get the price I wanted, I would do it. But it is not going to happen. We should be lower tomorrow or Monday. Short term overbought here. GE was up a few cents and I'm leaving in the July call order there. Volume was light. I'll need to have a pullback there for that trade to be filled. Gold is the place to be this week as it gained almost $20 on the day. The XAU rose 3 2/3. ABX gained 1 2/3, GG about a buck and NEM 1 1/3. Volume was average but a bit heavier in NEM. The dollar was lower today. NEM is leading the way higher here and looks to break out above $60. ABX did meet it's rising uptrend line from February earlier this week. That was the time to try the calls. I was instead focused on the OEX. Perhaps gold is ready to break out to new highs here. I'll have to consider this scenario going forward. Mentally I'm a bit frustrated. Timing a day off, watching the wrong index, a losing trade during the week. There are many opportunities in the markets but doing the right thing at the right time eludes me once again. The money to be made is out there. Doing what is necessary to be successful isn't impossible. It hasn't been a good first half of the year trading for me. I'll have to improve over the next 6 months.

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