4-27-09

1. Sun Tzu said: The good fighters of old first put themselves beyond the possibility of defeat, and then waited for an opportunity of defeating the enemy.

2. To secure ourselves against defeat lies in our own hands, but the opportunity of defeating the
enemy is provided by the enemy himself.

3. Thus the good fighter is able to secure himself against defeat, but cannot make certain of defeating the enemy.

4. Hence the saying: One may know how to conquer without being able to do it.

Chapter 4 of the Art of War by Sun Tzu definitely describes my morning. I knew myself but I did not know my enemy. Most importantly I could not identify the emotions in a market that kept blowing off far earlier than I anticipated.

Overall -4 pips on 37k

LT