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Tuesday, August 23, 2005

The Dow lost 50 points today on summer volume which wasn't much. Advance/declines were negative. No catalyst to go higher here but we are oversold. Might just be drift until Labor Day is over. Gold was up over a buck with the XAU down a tad. No volume there either as interest in anything just isn't there right now. I think there will be some opportunity but now doesn't seem the time. NEM is at support at $40. Will be interesting to see if it holds. I still want some calls there but must be patient for now. Not much else to say. Really in the summer doldrums. Mentally I don't feel as sharp as I can be but who knows. Just trying to take it easy here and wait for the next trade.

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