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Tuesday, September 15, 2009

Continuing higher as the Dow tacked on another 56 points. Advance/declines were over 2 to 1 positive and volume was average. I could not wait any longer and sold the OEX puts I had for an 85% loss. It was not a good trade to say the least. Even though I expect tomorrow to be a negative day, these puts were so far out of the money by now that it would not have mattered. Unless we get some type of collapse in one day and I doubt that. I almost bought some other OEX puts today but I figure with the loss that I just took, it might be best to lay low for a while. Tomorrow should be a down day and I can't fathom any other scenario. Gold was up $5 and continued higher in the aftermarket as the dollar got even weaker today. The XAU gained 4 points. ABX was up 1/2, while GG and NEM both gained over a buck. GG led the way. Obviously I should have gotten some gold calls on that first 2 day pullback but I was preoccupied with the OEX trade. Mistakes are rampant for me in this trading year so far. GE had another huge up day on heavy volume. Is GE returning to bellwether status? Who knows. Mentally I'm not feeling so hot. Losing trades will do that. But you've got to move on. Today would have been the day to get some OEX puts. I really believe that. That fact that I did not represents yet another thing that needs to be worked on. 3 days left before expiration and I am quite convinced tomorrow will be weak. My work points to it. But after just having booked a loss, I didn't have the guts to try again. The battle is always with oneself. Right now I'm losing that battle.

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