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Tuesday, January 18, 2005

Up again today, 70 points on the Dow. Advance/declines were 2 to 1 positive and the volume was good. I think that we are getting ahead of ourselves here. I expect some weakness at some point this week. I hope I'm wrong but I don't think so. GE was up 40 cents on good volume. Hope springs eternal. I'm holding out for the earnings on Friday unless it rallies big before then. Rallies big? I'll be lucky if I don't lose my shirt here. The week has started positive but I am not so sure it has any staying power. Perhaps todays action will turn the summation index up. Earnings are coming out in full force now, IBM reports after the bell. We also have an inflation report tomorrow. No shortage of news to move things around. The dollar was up a tad today and oil rallied but then finished unchanged. A best case scenario for the week would be a stable dollar with a drop in oil prices. Anything to get GE moving up. Even if it rallies this week, I still stand to lose everything in one of the trades unless a miracle occurs. And even if it did, it still is a bad trade. Doesn't matter if it makes money, it probably won't. Trading correctly is important. If you do that you will make money. The goal is to trade well and everything else will take care of itself. I'm still working on it. I have to get better or perish. It's that simple. I have no other trades on the horizon at this point. Finish up with GE and then take it from there...

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