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Daily Digger - Wednesday Nov. 17, '04


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It wil be interesting to hear the bearish case tonight. Looks like buck is headed to 82........and then we see.

I'm prepared for anything. I've got my buy orders in place already. Kinda hoping for a sharp bounce (short covering rally) in the USD to shake out some weak hands in the gold equities. We've reached or are very close to some major profit objectives in gold, silver and the USD.

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Bearish case:

 

This chart is the 5th wave of C.

 

It hardly looks impulsive.

 

Today's action took us above and back below the channel line.

 

Why? Because there was aggressive selling into this rally. Look at all the black candles. Many miners closed below their opening prices.

 

Now 113.41 and the lower trendlines are the places to watch, short term.

 

Longer term, one can see the 5 waves potentially nearing completion.

post-1352-1100750132.gif

post-1352-1100750150_thumb.png

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With this price increasing environment, I'm going to par down my holdings count. Presently I hold 20 PM issues, with most of my concentration in 7 companies totaling 7+ figures. Those that are less liquid I will be selling, as well as those that are Canadians that trade on the BBs; fortunately there are only 3 of those.

 

Of course I'll try to hold those that have the greatest potential of increasing, but also will be tailoring them to be ones that will get the greatest focus of public interest; which may not necessarily be the "best" picks. Its still early for the "public", but I'll be adjusting towards different holdings for differing specific reasons to hold each.

 

I guess its obvious what I'm saying, but I think that my PM plans need to be adjustable and nimble, not just for ups and downs in the price, but considering also other influences like timing, etc.

 

I would be interested in how many issues others hold if anyone wants to share.

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