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Thursday, May 03, 2007

The Dow added another 30 points today on average volume. Advance/declines were positive. The overall market was stronger than the Dow and it doesn't bode well for my SPX puts. They are now under water. The stop-loss order is in, which could get triggered if we rally on the employment report. That seems likely given todays action. But you never know. Gold soared over $9 today and the XAU was up over a point and a half. The volume was heavy in the gold shares and ABX was up another three quarters. Of course I'm still kicking myself for missing that one. But that won't do any good. Especially when I have to manage the SPX trade. And so on it goes. I got plenty of sleep last night but mentally I'm not feeling all that well. Missing opportunities really eats away at me. It affects what I'm going to do from here. I'll probably pull back a little. But that may not be the prudent course of action. Confidence is an important part of the game. You don't want to be overconfident but you need to believe in yourself and your trading. Mistakes are inevitable and must be overcome. Time will heal your wounds but it doesn't happen overnight. So while you're in a bad place mentally it's better to reign in yourself for a while. That's what I'm looking at for now...

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