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May 1, 2008


Any of you who read yesterday's post have probably gathered that I got blown out of my ill-advised flop to the short side on the S&P. Such is the way markets work at times. A trader can have the best laid plans for one story, then get juked out of his position just before the market does what he originally expected.

Injury was added to injury today as copper got clobbered, negating the setup I've been watching for three weeks. I somewhat nimbly got out early when copper was down about 8 cents. It eventually fell 19c. Of course, when a bullish pattern fails so dramatically, it is usually profitable to take the other side of the trade. I was not so nimble to go short, unfortunately. Otherwise, I would have made back the loss from the long trade and then some.

This inauspicious start to May calls for a vacation to clear the mind. Fortunately, I already had one planned and will be visiting a close friend in Ecuador over the next week. Therefore, this will be my last post until the week of the 12th.


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