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Tuesday, February 07, 2006

The Dow lost about 50 points on average volume. Advance/declines were over 2 to 1 negative. I had an order to buy some calls during the day but pulled it back. It is really tough here as we have somewhat broken support but the market is oversold. I am confident we are going to get a decent up day before the end of the week. I left in an overnight order but it is going against what I think is right. Then why do it? There is no reward without some risk here. I have a price that probably won't get filled. The market isn't tanking here it is working its way lower. The summation index is pointing down and that is the trend for now. Even if this order doesn't get filled I'm prepared to get some puts for next week, so I can wait if necessary. But I think there is a long trade here. It will be a short one with a tight stop-loss order in if it gets filled. The action was in gold today. Did I mention I had just started to look at the puts? Well I was too late as gold plunged almost $20 today. The XAU lost over 10 points. This is unheard of! It just goes to show you that markets will do what they want, when they want. There was profit to be had for sure but I just didn't keep a good enough eye on it. I did not pay attention as I was busy with the overall market. That happens. But more work must be done. There are no excuses. Mentally I did not sleep enough and am tired. I have to be ready for tomorrow and the rest of the week. It is a tough game and that cannot be forgotten. I need to put forth the effort necessary for success. We'll see what tomorrow brings...

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