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Thursday, August 12, 2004

Dow down again, this time 123 points. Advance/declines fairly negative and a little pick-up in volume. Closed on the low. I'd like to think a bottom of some sorts is near, we are in an area of support at 520 on the OEX. But I don't really know so no trades there for now. Gold didn't do much today, the dollar was a bit weaker. The XAU was up a tad, NEM was down a tad. Treading water there and I have no clear signal but I'm hoping for a sell-off to the weekly uptrend line for a spot to get long. My analysis at this point on things is wishy-washy probably as a result of the recent losses. I have put that behind me and am trying to move forward. However with no conviction on direction, it's probably best for me to sit it out at this juncture and wait for a decent signal. That is what I am trying to do. There are always opportunities but I don't seem to see any at the moment. Trading is not easy. This much we all know. Controlling oneself is even harder but I'm giving it my best shot.

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