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Tuesday, December 21, 2004

So much for the decline. The Dow was up about 100 points today on 2 to 1 advance/declines. The volume wasn't all that good but it is a holiday week. This could move the summation index to the upside but we are overbought slightly with todays action. GE did not move, was off a couple cents. So much for relative strength. I don't like it when a stock doesn't move up along with the overall market. It isn't the most positive sign. Intel got an upgrade and rose 75 cents. My calls are back to break even. Perhaps should sell out here. But I won't. I'd still like to wait for the beginning of next year and I probably will. Gold did not move but the XAU was up over a point with ABX and NEM higher. Volume not all that good. I'm keeping an eye on it but I really can't see a play there right now. Perhaps it will be a safety flight play before the Iraqi elections. Don't know. Pfizer rose a little today. I could do something here but the risk is very high in my opinion. It has sold off a lot but it may take a while to form a base. Then again it may not. When in doubt, stay out. I'm sticking with the positive 2005 theory, with prices moving higher than expected. 15% to 20% for the year with the bias towards 20% or more. I think January will be a good month, with solid gains in the beginning of the month. It's all just a guess but what isn't in this game? Things should slow down the next couple of days before the long weekend. Hopefully the posts will be shorter.

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