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    Monday, May 5, 2008

    Afternoon update


    So far so good, with regard to shorting stocks via the SRS and SKF etfs. I'm still looking to add on signals, now that the trades want to work. There is still plenty of time to step up, as this trade has an expected hold time of up to 2 weeks. Congratulations to those who've managed to side step any losses that might have occurred by being involved too early. Now that I'm hearing the bear market is over, and amateurs on just about every blog are "buying dips", the way is clear for the declines to resume. I don't expect this trade to be any easier than all the others, so I'll take advantage of moves against to step into more (if not stopped out). For now, stops are in the same place as they were when I initially entered the positions. Although traders feel they are "done" once they get into a position, remember that is just one small part of the overall ingredients for success. At this stage, I've already added to these positions several times (see ticker), and hope to continue to step up. Trading is not difficult, but it's necessary to stay focused on what truly matters. I'm ignoring headlines, opinions, others' blogs, and especially CNBC, as none of these will share with me anything I need to know. Too much analysis leads to paralysis.

    I mentioned I had a buy signal in Gold this morning, and it's proven to be a good one. Unfortunately, I'm not on board as I already have a full plate. It's in the back of my mind, and since the trade setup is still valid, I'll enter on subsequent buy signals. Just like with stocks, it's not surprising that all the "experts" called the end to the gold bull, even if just temporarily. Again, the way is now cleared for real traders get involved again on the same side of the bigger trend. This is not a "call" on gold, rather just a trade like the millions of others I'll take. As with any trade I make, I won't chase gold up, or stocks lower, but instead wait for the next signal in the same direction, regardless of price.

     

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