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Thursday, November 11, 2004

It's still up, up and away for the market. Dow up another 85 points today on 3 to 1 advance/declines. Volume was a little lighter though. We've got to see this thing take a rest. No big decline but something to the downside. GE was up again and the November call trade doesn't look like it's going to happen. I'm thinking of going out to March now. The January calls have tripled. I'm holding and hoping. Gold was up a little today as was ABX and NEM. The volume was light here and I am looking for more downside. My options are only up 50% now and an up day tomorrow will kill them. However the stochastic has rolled over, the negative divergences with RSI remain and I am somewhat confident that lower prices are in the offing. But who knows? The dollar was down a bit today and the steep drop has taken a rest for now. That doesn't mean it won't resume tomorrow. Trading is a difficult game as I have stated many times. There are very few easy trades. The money is out there to be made though, if you're good enough. I suppose I'll be hoping gold gets weak before the weekend. Like I said, the technicals support holding on for more downside here. I'm still checking out Pfizer but it hasn't gotten oversold completely yet. Don't know if I'll do this trade but I'll keep an eye on it. Option expiration is next friday. Will try something if conditions merit.

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