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Thursday, June 02, 2005

I was away today and did not see the daily action. The Dow was flat but the S&P rose a couple points. Advance/declines were positive and the volume was OK. There should be a big move in one of the next 2 sessions. The McClellan oscillator was unchanged and that usually portends a good move one way or the other. The technicals of today suggest an upmove but there are no guarantees. Gold had an interesting day with the metal itself up 7 dollars while the XAU was down. That usually isn't a good sign for the gold shares but we'll have to wait and see. I will be looking to take a July position in ABX if the price gets down to where I think it will work. I do not have any OEX trades planned for right now. The employment report is due tomorrow and I will take it from there. The trend is up. Mentally I seem to be on my way back. My mind is clearing up and I now realize that I just have to get on with it. There is nothing else I can do. Moving forward is imperative to successful trading and really that's what it's all about. While my thoughts haven't been focused lately, it is time to get back into it. Forgetting missed opportunities would help. And whatever other pipedreams I had in my mind have got to go. Things just won't be as easy as my brain pretended that they would be. It was foolish on my part to waste my time thinking like that. It definitely cost me a couple of really good trades. I just don't know what I was thinking. That hasn't happened to me like that before. Just gotta move on and forget about it. Daydreams are a waste of time sometimes. Lack of discipline could be one of the causes. I need to work on it. It isn't something that happens overnight. I had it before but it just slips away sometimes when the mind wanders. Not much else to say about that. The market is no place for fantasy.

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