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Friday, October 08, 2004

We waited all week for today's employment number and it came in weaker than expected. The Dow lost 70 points on lighter than usual volume. Advance/declines were about even. I am now looking to get some OEX calls for expiration week. Why? We had every excuse to really sell off today but did not. I think we will see some rally next week. This will be a very short term trade if it happens. With the weak data, the dollar slid today and gold was up around $5. The XAU was up over 2 points but closed on its low. NEM and ABX were up also but not as much as you would expect. The volume was low compared to what we have seen lately and they both also closed on their lows of the day. It could have been a banner day for the gold stocks but they are extended here. I'll look to get long on a pullback in the next couple of weeks. GE has in line earnings and sold off around 30 cents. I'm still in the market for January calls when the price is right. Time for the weekend and a thorough check of the charts before attempting to trade next week.

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