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Wednesday, July 28, 2004

Volatility has returned.  The Dow was down 80 points earlier and now is up 60 with 20 minutes to go.  Volume is good however the advance/declines are slightly negative.  GE could have been a tip-off.  It was slightly weaker and then started to rally before the overall market did.  I should keep an eye on it.  NEM announced their earnings and they were terrible.  But after a slight sell-off early it actually started to rally as did the XAU.  A stock that rallies on bad news usually is a positive development.  My option position is in the black.  However I notice NEM is selling off from the highs as we near the close.  Gold was only up around a buck and a half today.  I'm waiting for fridays GDP report on this one, as I have mentioned before.  Again though, anything can happen regardless of the number that comes out.  I would suspect tomorrow to be a day of waiting for NEM.  Maybe some slight downside on light volume.  That's my scenario anyway.  Looking back of course I would be much happier if my overnight ticket would have been filled.  I would have twice the size in this trade and for now it looks like it will be profitable.  End of the month almost upon us and that could move things around also.  Just waiting for friday at this point.

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