Wednesday, November 2, 2011

Why Did I Buy AEM?


I knew I should have waited. I told myself not to buy Agnico-Eagle Mines (NYSE: AEM), to wait a few days and then consider taking a position. Didn't listen to reason and threw paper at a crap company that might close over $44 today. All's okay, only down a few thousand . . . if I would have listened to myself and waited for the selling to subside, then I'd be near breakeven.

I acted like a foolish novice, lacking circumspection and patience. I hate miners. What a scam they are, and yeah, maybe it was a nostalgia play because in 2009 I minted money because I blew a big wad on AEM and Barrick Gold (NYSE: ABX) in late October of 2008 . . . yeah, whatever, miners are a scam. Hate 'em yet I can't resist buying them now and again.

Only thing that saved me was I loaded up on LDK Solar (NYSE: LDK) $4 March 2012 options when the company was trading below $3. I sold almost all of them last week for a tidy profit that balanced my retarded AEM play. Hate solar companies too and they're also a scam, though you can make some good money in them if you know what you're doing and one of your friends is the enigmatic The Renewable Man.

Please stay away from the market if you don't have money to lose. Or what the hell, it's only paper.

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