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Thursday, October 14, 2004

Markets continued down today, the Dow off over 105 points. Volume was good and the advance/declines were negative but not as much as yesterday. I really wanted to buy some OEX calls today. There is a buy signal on one of my indicators. The McClellan Oscillator is oversold at -121 also. There is only one day left. It would have to be a quick scalp trade. I had to battle myself not to do it. I suppose I really need a longer time frame to be confident. Perhaps another time I would have done it. But risk has got to be managed. Gold was up around $5 today. However the XAU did not move along with it and was only up fractionally. That is never a good sign for the gold stocks. I canceled my open order for November ABX calls. I still want to buy them but will wait it out for now. NEM and ABX were up slightly today on light volume. GE was down again, no trade there yet. Oil was higher again. Eventually oil will drop and the market will take off to the upside. I should be putting some more long term money to work in my mutual funds before that happens. Hopefully...

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