Thursday, June 17, 2004
Another light volume, no movement affair on Wall Street. Dow off around 5 points with a half hour to go. Inflation data came out stronger than anticipated earlier and we sold off. But now we are basically unchanged and going nowhere. It's very rare for this type of non-activity during options expiration week. I don't know what to say. It's also a June expiration so the quarterly stuff goes off the board too. Gold was up $4 ant the XAU and NEM have moved higher again. The NEM July 37.5s have doubled and I probably have missed that trade. They were expensive so I didn't pull the trigger. Plus I was looking for a little more downside. The open interest tripled on these things yesterday, making me believe that this trade will work out. I will move to the July 40s if necessary I guess. I don't like chasing moves though. I don't like missing them either. I suppose I will wait to see if gold gets back to below $380 before I do anything but who knows? And so the dilemma of trading continues. It is such a frustrating game sometimes. Somehow, during times like these, you've just got to stay focused and keep believing in yourself. The markets will do what they do. Patience, discipline and remaining motivated must be kept in the forefront. Opportunities will present themselves if you keep paying attention. It is not easy but it must be done. The rewards will come in the future. You've got to believe that or you're doomed...
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