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HUI chart: three boxes Richard Russell Dow Theory Letters July 20, 2004 Extracted from the July 19, 2004 edition of Richard's Remarks As for the gold stocks, the P&F chart below shows HUI, the "gold-bugs Index," breaking above its negative (red) trendline, and then backing off by three boxes. To turn clearly bullish now requires HUI to reach the 204 box. At 204 HUI would show a "three-box reversal" which would be a happy occasion for all holders of gold shares. Richard Russell Dow Theory Letters © Copyright 2004 Dow Theory Letters, Inc Richard Russell began publishing Dow Theory Letters in 1958, and he has been writing the Letters ever since (never once having skipped a Letter). Dow Theory Letters is the oldest service continuously written by one person in the business. He offers a TRIAL (two consecutive up-to-date issues) for $1.00 (same price that was originally charged in 1958). Trials, please one time only. Mail your $1.00 check to: Dow Theory Letters, PO Box 1759, La Jolla, CA 92038 (annual cost of a subscription is $250, tax deductible if ordered through your business). _________________ 321gold Inc