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Monday, November 29, 2004

Opened higher, sold off 100 points, came all the way back and then closed down 46. Volume was light and the advance/declines were negative. GDP report out tomorrow. Don't exactly know where we go from here. Sideways will work for a while but a breakdown would be negative. GE was down again today. Not much though. I adjusted lower the order I have in for the March calls. January calls still in the black. Gold was up almost $5 today as the dollar was a little lower. The gold stocks did not follow again as the XAU was only up fractionally. ABX and NEM moved slightly. I can't see this as a positive for gold but it does keep rising. I'm on the sidelines there. Pfizer was up about a half today. Waiting on that one. A lot of talk on the dollar still. Time for that trend to take a rest I believe, with all the recent publicity. We'll see. Employment report on Friday and we could just wait around for that. End of month tomorrow, perhaps skewing things a bit. But that, like everything else, is just a guess. I'm sticking with the GE plan. It's short term oversold and I believe it, along with the market, will rally in January. Got a month to got though. Would actually like to short ABX here if I had the guts. It is going against the primary trend though and perhaps a better strategy would be to wait to get long. When in doubt, stay out and that's what I'm doing. Until tomorrow...

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