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Wednesday, September 22, 2004

10 minutes to go and it's a big down day. The Dow is off around 140 points on good volume. Advance/declines are 2 to 1 negative. OEX puts were the way to go but I think there will be another chance to buy them in a few days. The options really don't move a lot in the first week after expiration. There is too much time left on them. A little rally in the next few sessions and I might be able to buy some puts for the same price as yesterday. Gold was off a little over a dollar today. The XAU is down around half a point. There was no follow through. I don't like that. ABX is holding up rather well and is only off a few cents. Volume is heavier than normal. The options haven't moved. That's a plus. The dollar was stronger today and is probably the excuse for the gold stocks not moving today. We'll see about tomorrow. Dow moving to the lows of the day. Trading is all about timing. I thought the XAU was breaking out. The next 2 sessions will tell the tale for that.

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