Well Friday wasn't a good day, all previous gains were erased by the market, and the movement I was concerned about in GOOG and AAPL at the end of the day ended up being a problem because we sold off into the close, not a good sign.
I had to exit 3 of my positions at larger than average losses(about 3%) all of them broke trend, so I exited. I have to stick to these rules if I want to come out ahead in the long run.
CMG proved the point again on why we follow rules, kept going down today so a loss I could have stopped at 2% ended up even bigger.
I now only have my 2 put positions on KSS and CVH, and my call on MON. Futures are looking bad at the moment for tomorrow. If we have another big sell off, I am going to be looking for a bottom around 1425, I don't see how we could go down much farther, but of course the market will determine that. At that point though I think many things will start looking very attractive, if we see the AAPL's and GOOG's it will probably entice some buying, because there is nothing different or wrong with those companies since last week yet they have given up over 10% of their value.
I'll be sitting and watching and waiting for a signal to get back long to at least play a bounce at this point I think.
We will see how it goes.
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2 comments:
Ben, like you, I don't particularly care which way the market goes, per se. But when the market is bullish, things seem to "make sense," don't they? I mean, your calls go up, your puts go down, and you make money. When the market's bearish, not only are premiums inflated, but fear is up and people seem to act irrationally: then, your calls go down, your puts go up, and it's pandemonium. Ugh! Let's hope for a good day today. I've got one call and one put and THAT'S IT! I'll be mostly in cash until I can figure out what the heck is going on...
:)
Krystal,
You called it, haha my puts went up and my calls went down.
This is another reason I would like to be able to sell options.
Also, to answer your previous question, no I am not an IT student.
Ben
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