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Thursday, January 27, 2005

The Dow was down 30 points but the tone of the market was much better. We got a last hour rally and the advance/declines were positive. Volume was average. GDP report tomorrow. Iraqi elections over the weekend. What that has to do with anything, I don't know but the media is starting to look at it. Perhaps a rally when it is over. Who knows? Gold was down a bit and the XAU was off a little. No volume in the gold shares. I'm trying to be patient there but there is a possible positive divergence. The dollar was a bit higher today. Summation index still pointing down but not as drastic as previously. Could it be ready to turn around? I don't know. What I need to do is wait for a decent signal somewhere and then act on it. Discipline will be required. It is so hard to do. This is an incredibly difficult game to play.

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