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Wednesday, July 14, 2004

Finally got some volatility in the market today. The Dow was down around 35 points. Advance/declines were slightly negative and the volume picked up. Were up around 30 at one point and down around 70 at another. Lots of economic data out tomorrow, including inflation news. Gold was up around 3 dollars and change. The XAU didn't move up that much and NEM gained about 50 cents. I sold my July and August NEM calls near the close. With only 2 days left on the July options I had to bail out. They had a good profit, I'll give the details tomorrow. I figure I can purchase the August calls cheaper within the next 2 weeks. Made a little bit there also. I would have liked to have had the guts to hold on another day because if the resistance is taken out, NEM will go to $44-$45 pretty quickly. But something made me just get out. We'll see what happens tomorrow and I hope I'm not kicking myself in the ass. I don't have any OEX trades in the works but I think the market wants to go higher. However the August options have 5 weeks on them, which means there will be no hurry to do anything. Unless...

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