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Tuesday, August 01, 2006

The Dow lost 60 points today and the volume picked up a bit. Advance/declines were negative. We came back in the final hour and the decline was well contained. I think we will just trend higher. I am going to wait for the Fed on Tuesday and get short before the announcement. That is the gameplan for now. Employment report on Friday and I expect it to be weak. Gold was up $12 today and the XAU rose 3 1/2 points. ABX continues higher ahead of the earnings. I have probably missed whatever I could have done here. I don't feel good about that but I am coming off of a vacation, so I can't get too down on myself. Trading isn't easy and you can't expect to just return to it and be as sharp as you need to be. I'm doing the best I can under the circumstances and don't want to rush into anything just for the sake of having a trade. Patience is important and I think the OEX put play will be the one to choose. But that could all change and I'm not too sure of anything at the moment. So I'll stay on the sidelines awaiting some clarification of where I'm headed. It is the summer so I'll most likely tread lightly. I expect the overall market will be higher tomorrow and then it's a wait and see attitude until Friday. ABX earnings after the close Wednesday and that should be a mover for that issue. Might be a sell on the news like NEM but it didn't work that way the last time. I guess I'll have to just wait and see...

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