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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: patron_anejo_por_favor who wrote (297858)	11/17/2004 12:49:03 AM
From: Earlie	Read Replies (4) \| Respond to of 436258

Hi Patron: LOL!! Yes, I guess it has been a while since I posted. (g) Been busy this year but the effort has proven worthwhile and results have been most pleasing. Did very little shorting and mainly played the golds as I considered them to be the best risk/reward scene. Traded the senior golds in and out on price-of-gold moves even as "junior-golds-with-decent-reserves" were accumulated. This has worked out well and I see no reason to modify this strategy, particularly as the buck continues to take it in the teeth. Did go my usual thing and shorted a bit too "early" coming into Q3 (the research suggested lousy results and a continuing inventory build, which indeed transpired, but the market chose to ignore the big red flags). Damage was light as positions were small. I kept all in place save one. Can't see the markets holding these recent mad gains. Considerable market "indigestion" (to put it politely) after Christmas appears likely due to the relentless inventory build that has been the defining element of 2004. As you well know, markets rarely let a company (or sector) "bloat" inventories for more than a couple of quarters before lowering the boom. Four quarters in a row ought to see a parade of stocks heading for the showers in the post Christmas inventory swamp and I will bet on this accordingly. Best, Earlie