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Friday, July 16, 2004

The market just can't get any traction.  Dow down again, around 25 points.  Advance/declines about even.  Like I said previously, when the breadth starts to deteriorate, I think we will be in major trouble.  But right now we're oversold and I would expect some type of bounce or rally.  It's really a dull, no interest market.  The worst summer doldrums I've seen in a while.  Gold was up a couple bucks today and the dollar hit a 4 month low.  That didn't get the XAU moving, in fact it was down a little.  NEM continues to show good relative strength and was up another 40 cents.  Volume was light again though.  I'd like to see a pullback in NEM here to get long again.  But who knows?  I am concerned about the overall market though.  We really need some buying in here soon.  We now roll to the August options, which have 5 weeks on them.  Premiums will be higher.  Now comes the hard part which is patience.  I'll do my best.  But if a good signal appears, I'll have to act on it.  Might be back this weekend but it is the summer...

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