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Tuesday, November 23, 2004

The Dow sold off for most of the day but came back to be up 3 points. Advance/declines were positive and the volume was light. I expect another light volume day tomorrow. GE was down and I placed a GTC order for some March calls. Volume was pretty good to the downside there. We'll see what happens. Gold was off a buck but the XAU dropped 2 and 1/2. ABX and NEM were also down on good volume. The dollar was down also. I'm thinking the dollar has got to stabilize somewhere in here. Hasn't happened yet. Gold did break out with the XAU not breaking out. That usually isn't the case for higher prices. But time will tell. If the gold stocks get oversold, I'm going to buy some calls. Gold is around $448 and I'd like to see it get to $430. I think it too is due for a rest in December. Time will tell. I'm still bullish on the overall market and will be looking to play it that way. OEX calls could be in the picture. Consolidation for now and get some bearish talk going so we can continue to the upside. It's all a guess but what isn't in this game?

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