From what I can tell so far I can see that the dwarves are going to accompany Bilbo throughout his adventure. Though I don't know why Gandalf is forcing him to go. Gandalf seemed to be pushing him to go and he was also pressed for time when he read the dwarves letter. I don't think Bilbo is well equipped for the trip considering he forgot his hat. Also I think Elrond is going to be a vital character and may accompany the dwarves.

Elrond deciphered the language on Gandalf's sword. It gives them a way to get into a secret cave. Apparently this cave is mysterious and few have entered it. That gives their adventure a direction and they head for the mountains. It makes the dwarves happy that they finally have something to do and they head off. I think they are going to approach the entrance and find a obstacle in or before the mountain.

Monday: LN 10 Minutes
Tuesday: 20 minutes reading
Wednesday: LN 45 minutes
Thursday: 20 minutes reading
Friday: LN 35 minutes
Total: 130 Minutes