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Sunday, July 18, 2004

Sunday afternoon and hot.  S&P futures up a tad and gold is unchanged.  I'm looking for a rally in the OEX here.  Can't stay oversold forever now, can it?  Don't know how much the rally will be or if it will even happen.  But the odds favor one at this point.  I'm hoping for a pullback in gold and NEM in order to get long again.  Hard to say what will happen there.  Will have to listen to the market.  The racetrack opens for the summer this week, a nice diversion.  With the summer doldrums firmly in place, something is needed to liven things up.  Not a lot of economic reports this week although Greenspan will be giving a couple of speeches.  Looking back on the last trade, the exit could have been done better.  The entry on the July calls was excellent.  The timing could not have been better.  The August calls were chased on the entry.  I would still be holding them if a better entry had been done.  The exits, done at the same time, should have happened when resistance was hit.  It cost me some money waiting around for a breakthrough that never happened.  As always, timing is the key to profits.  I don't anticipate buying anything this week since the premiums will be higher than usual due to the extra time for the August options.  But ya never know...

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