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Tuesday, September 07, 2004

20 minutes to go. The Dow is up around 60 points. Advance/declines are over 2 to 1 positive. The volume is light again. The convention is over, summer is over, there are no more excuses for light volume. We have touched the longer term downtrend line at 546 on the OEX. This is the moment of truth for the market. If we get through here, a longer rally will take place. I'd like to get short here but I am already committed to the gold trade. My NEM GTC order was filled this morning as gold was down again today, this time over 3 bucks. The XAU is holding up rather well, off a little over a point. NEM and ABX are both down but not much. However premium is being sucked out of the options and each show a loss. I will still wait for fridays trade number as that was the original plan. But it isn't looking good today. I still think this will work. Perhaps some OEX puts are in the plan, it depends on the market action in the next two days. Greenspan will speak tomorrow and that is usually a market mover. That's it for today, I must end early due to other commitments...

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