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Friday, December 10, 2004

The market didn't do much today with the Dow down around 10 points. Advance/declines were slightly positive and the volume was lighter than lately. One week before option expiration. Then we've got the holidays. Could be a slow time. Probably want to stay on the sidelines unless something good presents itself. Intel was down today and I am worried about this trade. We are right at the 50 day moving average and it has to hold here. If it moves up I think I'll dump them. The weekly chart doesn't look good unless next week is higher by a point. GE announced a dividend increase and stock buyback today. It was higher on heavy volume, a good sign. My options continued higher. Gold was down around a dollar today. ABX and NEM were both down on light volume as the interest in the gold shares wanes for now. I'm keeping an eye on it but like I said before, it will take time for a base to build here most likely. Pfizer was down again and I am looking for the January calls here. I will most likely get some before the end of the year. Tax selling as I have said. I think this will be a good trade if the entry is done right. Well, we should slow down after next week. The Fed is doing something Tuesday. Probably another quarter point rate hike and we'll see how the market reacts to that. I'm sticking to my year ending in 5 theory. Summation index is still dropping which will hopefully set up for the rise in the beginning of next year. If we can stay in a sideways range, I believe my prognosis will prove correct. But in this game you never know...

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