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Friday, August 03, 2007

The Dow ended the week down 281 points today on extra heavy volume again. Advance/declines were 5 to 1 negative. We took out the recent lows on the close so we'll see where we end up this time. Monday should be interesting. These aren't the normal times in the market but when is it ever normal? There is something happening but what, I don't know. I'm on the sidelines for now. Gold was up over $8 but the XAU dropped 2 3/4. NEM was down but ABX closed higher. That's impressive in a market like this and I will look there eventually for the next gold trade. The gold shares are following the overall market. GE lost almost a buck. Mentally I'm doing OK. So where do we go from here? I'll check the charts again over the weekend. I know some of the indices are at or near their 200 day moving averages. Perhaps some have broken through. It would help things for the bullish case if we could find a way to hold here. I'm hearing a bit more panic in the news which would mean a bottom could be near. But I don't know. It's all just a guessing game in a market like this. I do have an idea of what I'd like to do next but there's no rush one way or the other. No summer doldrums this year but at least it's the weekend...

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