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Friday, February 04, 2005

A nice rally to close the week. The Dow was up over 120 points on average volume. Advance/declines were 3 to 1 positive. The employment report was weaker than expected. Sold off on that a little early but then roared back all day. The mode is up. Gold sold off another 2 bucks today. Greenspan talked up the dollar today. It rose somewhat. But the bond yield went lower and I think that brought the gold shares back some. The XAU sold off on Greenspans comments but came all the way back to be up slightly. NEM was actually up 50 cents and ABX was unchanged after both had been down early. I think we are looking for a bottom on the gold shares. Perhaps the G-7 meeting over the weekend will spur some movement. GE did not rise as much as the market, so nearterm I think we need a rest next week. My first thought on that only brought a brief downmove. Perhaps the next will be playable. But the trend is up and I don't really want to fight that. Who knows why and where the markets goes when it does? The technicals are the way to go. When they work of course. It is the most difficult and yet interesting game to play. I need to get better. About the game and myself.

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