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Friday, August 06, 2004

Interesting day. The employment report came out very weak. The dollar tanked and gold soared, up $7. The XAU is up over 2 points and NEM, which I sold the calls yesterday, is up over $2. Bad move. The options I had more than doubled. But I don't have them, I took a loss. The calls I do have on ABX didn't move because ABX is up less than 20 cents. And so it goes. I just dumped the ABX calls for a loss of around 70%. If they aren't going to move up when gold is up $7, when are they going to move? They're not. That was a dumb trade all the way around. I basically screwed up the gold trades. When you screw up, it costs you money. I'm back in the red for the year. Market is closing now. Dow dropped around 150 points. Over 300 points in 2 days. I didn't buy any OEX puts and I lost money in gold even though I was long and it went up. Well, I suppose it can't get any worse. I now have no positions and it's the weekend. 2 weeks left on the August options but right now I'm in a trading funk. I suppose I'll have to battle myself to not do something stupid in the near future. Fed meeting on tuesday, that will be the focus of early next week. Not much else for me to say right now after blowing it. I just didn't have what it takes this time around. Really need to listen to that inner voice of reason more often. Might get back here this weekend but I doubt it...

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