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Tuesday, June 29, 2004

The Dow came back a little today, up 56 points. The volume was average. Advance/declines were about even though. SPX not up as much as the Dow. Waiting on the Fed tomorrow. Even that may not break us out of this market apathy. We'll see. Gold sold off big today, off $8.50. However the XAU was only down a point and a half. NEM was down around 75 cents. It seems the gold stocks move ahead of the price of gold lately. In a small capitalization market such as this, manipulation would be easier to take place. The options I purchased are almost cut in half. NEM is right on a multiweek uptrend line. Perhaps tomorrow will be the key. But this is almost a certain loser, even with over 7 weeks left. It's too far out of the money at this point. The entry was wrong. I am going to have to cut the loss and move on. For me, as always, easier said than done. So we will see what the Fed has to say and how the various markets react.

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