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Friday, September 09, 2005

The Dow was up 82 points on good volume. Advance/declines were 2 to 1 positive. We continue higher and I guess it will play out that way going into the expiration. Gold rose about 3 bucks and the XAU was up over 2 and a half points. I had an order to sell my NEM calls in overnight and it got filled at a small profit. But NEM kept rising and the profit would have been decent but I was already gone. You can never predict what the markets will do. Who knew there would be such a big move there today. I had thought there might be but I was afraid of a loss. I basically blew it again. My mind and thinking are not where they need to be. My ideas have been correct but I haven't been able to cash in on them. I know what's wrong but I haven't taken the necessary steps to fix it. But it has got to be done. I hate missing opportunities and poor trading results. The focus and discipline are not there. I mention those two things a lot. Focus and discipline. They are important, very important. They have helped get me to where I am today. Gotta get my mind right. Anyway NEM was up big on heavy volume and I think higher prices are coming but a pause is needed. ABX did not rise much and it has been leading the gold shares. Perhaps some puts can be purchased next week. The RSI is also at the top of its range where pullbacks occur. I'll have to check the economic calendar for next week to see what's coming up. Might be able to trade off of that. The XAU is overbought also. But it is the weekend and I need to rest and not beat myself up over the recent events. The ideas are there, it's the trading that needs to be worked on. I'll try and do what it takes but it won't be easy...

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