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Thursday, June 23, 2005

Well, I guess I was wrong about the market wanting to go higher. We lost over 165 points today on good volume. Oil at $60 was supposedly the culprit. Advance/declines were only 2 to 1 negative though. So I don't think it's the beginning of the end but who knows. It might be enough to turn the summation index lower. Gold was up 4 dollars at one point. The XAU opened higher and was up 2 points at one point also. But it too sold off and was only up half a point. I canceled my NEM calls and now have no open orders. I'm still a believer that the gold shares will go higher and I'm waiting for an entry point. Probably will put it off until next week after I check things this weekend. But we'll see what tomorrow brings. The end of the month is coming up next week also and that should influence money flows. How? I don't know. As for the market, I think we will hit oversold rapidly and the decline won't last long. That's another guess too. Mentally I'm feeling good and am ready to do what has to be done to make the next trade a good one. We'll see.

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