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Thursday, May 11, 2006

The Dow finally got going someplace today and was down 141 points. Advance/declines were over 3 to 1 negative and the volume was heavy. I didn't purchase any OEX puts so I have missed it for now. We should get a sell signal on the summation index today and I will try and get short on any snapback. Gold was up over $10 today but the XAU was down over 2 and a half points. This could be the point that I have been waiting for. Or not. ABX had a one day reversal and the put volume expanded a lot. I will maybe look to buy some puts there. NEM was not down as much and I think this could be the turn. And when this thing falls it will be a stampede. I will probably try it. You've got to take some risks in the game or you won't get anywhere. Whatever I decide, it won't involve a lot of money since I'm not totally sold on anything here, technically. Mentally I'm a little down for not getting some puts yesterday as I suppose I just wasn't paying enough attention. We have some inflation numbers next week and if we drift into those, I will get short before the CPI. That was one of the ideas lately. We'll see. I did not sleep well last night but that has nothing to do with missing opportunities. It's a very difficult game to play. You always have to pay attention and keep at it. I try. But sometimes it's just not good enough. Gotta keep going though, there is still time to make some money on this option cycle...

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