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Wednesday, September 08, 2004

The Dow was off around 30 points on light volume again. Advance/declines were negative. There is a non conformation of yesterdays high on the McClellan oscillator. Would like to short strength tomorrow but I 'm all tied up in gold. Gold was up a couple bucks today but the XAU, NEM and ABX were all down on good volume. Not a good sign for the long side. The calls are all losing money and I am running out of time. These trades will be losers. That's the reality of it at this point. I'll still wait for friday but I don't think it will matter. My prognosis was simply wrong and when that happens, you'll lose money. The dollar was weaker today also and the gold stocks could not rally. So this is real trouble at this juncture. I'll have to try to cut the loss as best I can but it isn't looking good. Volume expanding on the downside and I am screwed. Oh well, back to the drawing board I guess. GE is still going higher and the calls there would have worked well at this point. But what can ya do? I'm stuck in gold and it's a loser...

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