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Monday, December 29, 2014

The market remains in holiday mode as the Dow fell 15 points on light volume.  The advance/declines were positive.  The summation index continues higher.  It does not look like there will be an opportunity to purchase the January OEX calls at this rate.  I still expect a good beginning to the new year for the major stock indices.  GE was off a few cents and the volume remains light.  The GE March calls that I own are still slightly in the black.  Gold was off $13 on the futures as the US dollar was higher yet again.  The trend in the dollar remains intact.  The XAU was off 1 3/4.  ABX, GG and NEM all had fractional losses on light volume.  GDX was lower by 3/8.  I'm still considering a GDX trade for the beginning of the year.  USO dropped another 1/2 and I did place an open order here for the February calls.  I'm not sure that this is the proper idea but I am willing to give it a shot at the right price.  Mentally I'm feeling OK.  Just waiting for 2015 at this point.  All of the major trading has been completed for the year.  If we do see some weakness in the next couple of sessions perhaps we'll get a chance for the OEX January calls.  But it sure doesn't look like it today.  Gold reversed the gains from the end of last week.  Gold has basically been going nowhere for the past few months.  As long as the dollar remains in rally mode, I doubt we'll see gold go much higher.  But as always the markets go where they want.  Things can change in a hurry but I don't expect anything like that for the next couple of days at least.  We'll keep an eye on developments overnight and go from there. 

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