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Monday, September 20, 2004

The Dow was off 80 points today. Advance/declines were negative but not as bad as a market down 80. Volume was light. The SPX was only down 6 points, so it wasn't what I would call a broad move down. Make no mistake, I would like to get some puts here but I will not chase the move. Fed meets tomorrow. Gold was down a little, the XAU was up almost a point and NEM was up fractionally. I want to get long NEM but will wait for it to get to the uptrend line. It is just about there. GE didn't do much today but did not decline with the rest of the market. We are in a weak seasonal period. However the technicals are not all that overbought. I will try to be patient. I think there will be a terrorist act on our soil before the election. I would like to have some gold calls for that. Or some OEX puts. The timing is everything as it always is. Would not mind taking a chance in October. Reality is that I've got to pay attention and put in the effort and work. Perhaps then good things will happen. I'll try my best...

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