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Monday, May 31, 2004

Ahh yes. It's a holiday. Memorial Day. Our markets are closed. The S&P futures are up a little over a point. Gold is up a little over a dollar. What will be the gameplan for the upcoming week? I'd like to short the OEX tomorrow on some strength for a scalp. But it's risky. And the option prices are still a little high with 3 weeks to go. I do believe the trend is up. I should probably wait for a pullback and then get long into the expiration. I want some gold calls but it is just going straight up and not cooperating with me for a pullback entry point. I'll have to wait I guess. Employment number on friday will loom large. Might just wait for that. The inherent difficulties of trading are apparent. Nobody can predict the future, yet that is what you are trading on. You really just give it your best shot and see what happens. Because anything can happen. Even the most so-called perfect set-ups can fail. But you play the odds and keep working at it. You make it happen just by paying attention and having the discipline to be patient. Pick your spots. There is always another trade and the markets aren't going anywhere. They will always be there for the next trade. The uncertainty is part of the game. You can't control the markets but you had better be able to control yourself. It's an ongoing battle...

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