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Friday, April 22, 2005

Volatility. That is the name of the game. The Dow lost 60 points today on good volume. Advance/declines were negative. We were down over 140 points in the last hour but made a comeback. Probably short-covering. It is a tough market to trade. Tougher than usual. Might be trying to form a bottom or this is a stop on the way down to who knows where. GE was flat and its relative strength here is encouraging. My thinking is that I would like to break-even if possible. Gold was up, the dollar was down and the XAU lost some ground. No clear idea of what to do there so I'm on the sidelines. This is not a time to be bold I believe. This is a time to reign it in and be careful. The volatility is more than it has been in quite a while. I need to let the market tell me what it wants to do. There are some indicators that say a bottom is being formed. But nothing in this game is for sure. I am going to be patient. It is a long year and it isn't even half over. I will take the weekend to unwind and then get back at it on Monday.

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