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Friday, November 05, 2004

Market continues higher with the Dow up over 70 points. This is about as overbought as I have ever seen it. Volume heavy again but advance/declines were slightly negative. It has got to take a rest. GE up a little. The employment number came in with much more jobs created than expected. But the dollar could not rally and gold went higher by $4. The XAU, NEM and ABX were all higher on good volume. I bailed out of the ABX puts for a 50% loss. What an idiot. From a 100% gain to a 50% loss all in the same week! This was a dumb trade from the start. I had a chance to just get out even when I knew it was a stupid trade, yet I stayed in for a loss. I could have put in a stop-loss order and I didn't. My idea was that gold was going higher, it did and I lost money because? Because the battle versus myself is the hardest one to conquer. Even when the technicals signaled higher prices to come, I still couldn't sell the puts. Foolish. I will never survive with trades like that. The money involved was thankfully minimal. But the trading tactics or lack there of is what is killing me. It does nothing for your confidence when you can't get it right. Just how could you do such a dumb thing? If I had the answer then maybe I could correct it. Sometimes you just screw up. Gotta somehow forget about it and move on with 2 weeks before expiration. There will be opportunities and there will be no time to feel sorry for myself. I canceled the open order in Pfizer but will be keeping an eye on it. I'll try to be back here over the weekend...

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