it mildly. They are almost Drunk on their good fortune and getting too confident. When Oct broke below 55.00 where I thought it might get a profit taking bounce back to 57.00 where we had more add orders working-----3 of my aggressive hedgers were wanting to know if they should throw more on. Actually they were screaming that they wanted to sell more-----they were already at 100% and I talked them into waiting for knee jerk back to 57.00(somebody needs to be responsible and keep Greed controlled).

One of them called me back a second time as I was Hallucinating about Limit Down fixing to do its thing. He wanted to Double Up by adding 6 more and I talked him into being conservative by adding 2. I was still talking to him after getting his fill @ 54.75 and also for the other two who wanted to add more-------I was telling him we need to be defensive because back above 55.00 could easily trigger a move back to the 56.00 or 57.00 area. I choked on my words as the bottom fell out and then he jokingly made me apologize for being so darn responsible.

The only problem I have with this early but expected Sink Hole is only half of my hedgers have anything on(they all had the opportunity rec I gave them to get short @ 60.00 on Oct) and only my aggressive guys are 75-100% of Aug and Oct production. We didn't even have time to give much thought to a plan-----we just reacted because we've been expecting and looking forward to this for 7 months. I've found that the reaction trades "shoot first & ask questions later" usually turn out to be the most productive. Thoughtful Logic seems to interfere or run counter to the market process. This certainly isn't how we intended to get on board the Southbound but so far the results are more than satisfying.