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Tuesday, October 26, 2004

Still a half hour to go today. I have to leave early so the post must be done now. The Dow is up over 100 points on good volume. Advance/declines are 2 to 1 positive. GE is up around 50 cents. I still have an open order for December Pfizer calls but the stock is up again today and it doesn't look like it will be filled. I'll keep it open for now. Gold was down a couple bucks and the XAU was off a little as is ABX and NEM. The earnings came out on ABX today and they were not as good as expected. It sold off at the open but has since come back. There is a potential bearish candlestick pattern there today. I'm holding off for now. But the volume keeps coming into this issue and I would like a position in November calls, hopefully in the next 2 weeks. The money coming into gold has been pretty good so I've got to believe that it will continue to push higher. Dollar weakness is the key and that chart looks pretty bearish but could be due for a bounce. It is not easy to sit on the sidelines but chasing moves is not something that I feel confident doing. Patience is the key and I've got to wait for a pullback. If that doesn't happen there are always other games in town. But the volume is saying that gold shares are heading higher and I 'd like to take advantage of that. It's never easy, this game of trading. But the rewards for being astute are there for the taking if you're good enough. We'll see...

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