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Monday, August 16, 2004

I put in an order sunday night for some OEX calls. It did not get filled. The Dow was up about 130 points today. Advance/declines were around 3 to 1 positive. Volume was monday light. Gold was up another $4. NEM was up over a dollar and the XAU was up almost 2 points and closed on the high. It broke through the downtrend line. And I am left sitting here with no positions in anything. It isn't an enviable position to be in. 4 days until option expiration and the risk factor only goes up from here. I suppose I will have to wait for the XAU to fall back to the line it just broke. There is no guarantee that that will happen. There is a possible short play in the OEX before thursdays report on the leading economic indicators. But I don't know if it's worth the risk. Or if I can time it properly, or if it will even happen. And so it goes. I don't know what to say. It is just a very, very tough game. You have to somehow move on from losses and missed opportunities as best you can. It's difficult for me. The trades are out there. But you've got to really be in tune. You have got to be ahead of the game. I think it can be done if you pay attention and outwork the crowd. But who has that kind of commitment? Winners, that's who. This game isn't for the lazy. It's a pro's game. If you don't approach it as such don't even think you'll be successful. Because you won't. I now have to patiently wait for another opportunity to present itself. It won't be easy...

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