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Tuesday, March 16, 2010

The Fed announcement came and went with the Dow gaining 44 points on the day. Volume was average and the advance/declines were over 2 to 1 positive. I dumped the OEX calls for a 75% loss. That was a horrible trade. We are in the middle of an unprecedented rise where the market has stayed overbought for days on end. The major averages are breaking out, following the over the counter markets. Volume is nothing great but you can't argue with price. Summation index continues higher. Continuing higher into the March expiration which I thought may happen but did not trade it accordingly. Gold had a good day on dollar weakness, up $17. The XAU rose about 4 1/2. ABX and GG were up a buck, with NEM up 1 1/2. Volume was average. No trades here but I do not think that gold is trending on way or the other right now. Sideways until the next decent move seems to be the case. Mentally I'm feeling tired but slept pretty good. This trade and the preceding one were just terrible. I did not follow the rules and I was not quick enough to do what was required. It hasn't been a good 1st quarter and there is nobody to blame but myself. Can I turn things around? Perhaps. I have before. However losing takes its toll and I am clearly presently in a funk. Perhaps a little time off is called for with regards to trading. We'll see.

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