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Friday, February 18, 2005

Hooray for the 3-day weekend. The Dow gained 30 points today on the back of a favorable ruling for the drug stocks. They provided all of the gains. Volume was good but the advance/declines were not. It was almost 2 to 1 negative. The summation index has rolled over. However we are just about oversold here so I do not expect a steep drop in here. I could be wrong. Gold did nothing today. The dollar did nothing today. You get the picture? ABX sold off early and came all the way back on light volume. It is overbought and I am trying to figure out how long to stick around here. I will check the charts over the weekend but the daily is way overbought. I would not mind seeing a slight pullback on light volume. I can wish, can't I? The calls are in the black and I have moved the stops up so they will not be losers. I'm looking for other opportunities but I need to develop an overall picture of what I think is going on. Perhaps we are going to roll over here. I will try and listen to the technicals and let the market tell me what to do. OEX puts might be the proper play but the timing has got to be solid. My confidence is high after this proper gold call so far. But things can change overnight. I am going to try and relax over the long weekend. Just sort of take it easy but still focus on the task at hand. On Monday even though the market is closed I will try and get back into the mode. Until then I will have to take a break and give my mind a rest.

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