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Monday, March 02, 2009

So fall apart it is as the Dow lost 300 points to start the week. Advance/declines were over 10 to 1 negative. Volume was average. There are no buyers. We'll find a bottom somewhere. GE lost another buck on heavy volume. Will GE go out of business? I sincerely doubt it. Summation index lower. So down we go but I think that down the road anybody buying now will be glad they did. Gold lost a couple bucks and dropped hard in the aftermarket. There is no flight to safety. It is a liquidation event again. I left in an overnight order for some gold calls, thinking the gold shares would attract assets when we fell. Of course that didn't happen. I got filled and GG was off 2 bucks on heavy volume. The calls I bought got cut in half. The XAU dropped 9 points. ABX lost over 2 and NEM lost over 3. Heavy volume as well since money must be raised. I should be out of the calls this week, most likely with another loss. I should have just sat on the sidelines. I wasn't patient. I really do want some gold share calls for April. Chalk it up to another mistake in a mistake prone year so far. Mentally I'm feeling tired, did not sleep well. I'm also not feeling 100% with a slight touch of a cold. But there are no excuses, my trading has been terrible this year. So what to do from here? Sit tight I suppose. Exit the GG trade and wait. There will be opportunity.

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