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Friday, January 14, 2005

A slight, light volume rally today with the Dow up over 50 points. Advance/declines were over 2 to 1 positive. There is nothing to get excited about with todays action. A lot of participants were off or went home early because of the long weekend. We will see more downside action next week, I'm sure of it. What happens to GE, I'm not so sure. We were up about 30 cents on light volume today. It is all going to be up to the earnings on Friday. I am a fool to let it get down to that but that is the position I find myself in. Summation index is still pointing down although the postings should be getting closer. No matter. There are some negative readings that have to be replaced on one of my indicators. Downside will happen. Inflation was non existent for todays number. Another reading will be on Wednesday. Gold was down a couple bucks, with the XAU down around a point. The dollar was stronger. I'm still gonna wait for the dollar to get to 85 before I get another position in gold. Patience. So now it's a long weekend which I will try not to worry about this GE position. It's simply a waiting game at this point. Hopefully the market doesn't completely collapse early next week and the GE earnings come in very strong. That is the only scenario which will bail me out at this point. Until tuesday or maybe sooner...

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