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Tuesday, June 01, 2004

Kind of a light volume tuesday after a long weekend. Market was higher earlier, sold off and now is coming back into the close. I don't think the scalp I had in mind would have worked. We are staying overbought on the OEX. If it continues for another couple of days, I will get short before the employment number on friday. Declines are slightly ahead of advances. Dow off 5 points with 15 minutes to go. Gold is interesting. Actual gold price has not moved and the dollar is weaker. XAU and NEM are off pretty good right now, a point and a half and 60 cents respectively. Considering the price of gold hasn't moved, this could be telling for the days to come. Or not. The weekly XAU implies higher prices but the daily charts do not. Will we come all the way back to the weekly uptrend line or not? Should I go out an extra month on the options? How far will we retrace the recent upmove? Too many questions and not enough answers. No trades for now, however if the OEX stays up for a couple days I'll look to get short for a scalp. But the longer-term trend is up and now the Dow is up 20 points. Tough game to play. It was nice to have a little break over the weekend. But now it is back to reality. Successful trading requires effort, self-denial and grim perseverance. We'll see what tomorrow brings...

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