The Markets were NUTS this week. Even intraday range was crazy. It wasn’t like Wed, Thursday was trending from Open to Close. It was UP then DOWN then UP and so that drove me crazy. I could have made A LOT more money then I did, but I just paid for the education.
I could have LOST more money, but some of the large swings in the price action did trigger some of rules to get out of positions. I need to have a “extraordinary” clause to my rules, seeing that Over the past weekend, there was the news about MER and LEH, and the market did some BIG moves.
As of right now, I am in all cash. I do have a bull put spread on ROST that will expire today, thanks to today big move, it’ll close OTM and I’ll get max profits!
So, here comes the weekend to see what kind of money will be made NEXT week!
Categories: Uncategorized
2 Months? Holy Lehman Brothers Batman! I did not realize that it had been that long. But I guess now that I look back on it, that’s exactly right.
Today’s opening dropped bounced like a fat man. With 1 and 1/2 hours left in the trading day, looks like the Market wants to converge on 11,150. As a day in itself, it says to me “This Thing [MER going bankrupt] sucks [i.e. drop +300 points on the opening] but it’s not suicidal”. It wasn’t a day where it starts out neutral and then just drifts down to +300. It hit the bottom (to this point) pretty quickly.
My speculation on this is that everyone is waiting to hear what Uncle Ben is going to say tomorrow at the FMOC meeting and hear if the Government is going to do to help. If anything. I think that there is still going to be more doom and gloom, but it will become the norm and not the exception and that will pull the market back up.
Remember (in the last 15years) when $2 gas seemed to be astronomical, but then with a few major events, 9-11 and Katrina… that $2 gas would be AWESOME! So the Market has some settling to do… clean out the dead weight and then we can start to move back up!
My perfomance in July and August
I’ll have to post that up here soon. But I have been trading POT and a lot of it. Straight Calls and Puts and have been very accurate (short term) at getting the most of out of my positions. Now that the $VIX is rising, I am looking for more stock positions which I can sell some Covered Calls to make money off stock and gain the higher premiums. Plus, I can sell some Naked Puts which I’ll use a methodology to buy some stocks “at a discount”
I think I might even be ready to do some of this in my IRA accounts and pull out of the mutual funds that are there and move to an ETF or buy the shares of companies (although I am not all that big on fundamentals).
But nothing too rash when it comes to my investments, but my trading has come in handy to help supplement my income. But I battle with trying to let my account balance grow (to the point where I can make Day Trades – IF I want to) or do I keep it at a comfortable <10k and turn profits back into my checking account.
So we’ll see…
Categories: Uncategorized
