Yea, so today was an odd day. Nothing worked, my put positions went UP and my call postions went DOWN. MON swung from a decent profit to a large loss in a single day and at a time when the market was at one point up 100 points. WTF? KSS a retail store went up and stayed up even with the market finishing down. WTF?
It was even more depressing to get onto my laptop and have my Ameritrade account balance up from thursday and it was up 20% higher than it is now and I didn't break any rules in that time either. So, MON broke my trend and I exited as I should. My puts have not broken yet so I am still in those but they acted very odd.
Tech got smacked, AAPL and GOOG way down, AAPL hit 150 which is where I wanted to get into it, I tried and didn't get filled which may have been good. Jeff Kohler thinks tech is going to keep going down and that we should not be bargin hunting no matter how attractive prices have become(AAPL has lost 20% in the past week).
We broke through 1450 so we'll see if the next level holds. I think all eyes will be on CPI and PPI, if inflation is more mild than expectations we may find a bottom, if it is above expectations it could get ugly as people will know that the fed cannot cut rates and help out any more due to inflationary pressure. I likely won't add any positions until that data comes out, however I may do some day trading.
It's times like these I really wish I had a margin account so I could sell some options either exclusively or to help offset the cost of these higher options prices.
Even with the decline in money I still am confident in a full comeback by next April, plus I have other great things going on I am excited about(a girl). :)
We just have to stick to our plans but it does seem like an odd time Krystal commented that bull markets seem to work because things act more logically which I have to agree in my limited experience and Jeff has said the same.
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Uh-oh, Ben... is there an engagement on the horizon!?!? (Of course, you don't have to answer that!) :)
Hopefully tomorrow will be good for ALL of us. If not, I may just be ALL in cash by week's end. I got a call from my InvesTools education counselor today, offering me more education (Advanced Options, to be exact).
Sometimes I feel like I need to master basic options before moving on to advanced, but I don't know. This market climate is just so...unpredictable. If I do go to cash, I'm definitely going to do some paper trading.
Let us all bow our heads and pray...
Krystal, no, no engagement, in fact far from it although who knows what the future holds. Just met someone really awesome, and things just really clicked in a short time period. :-)
But, back to trading haha, yea we'll see what happens, if I am in all cash tomorrow that will be the most messed up thing because everything points to down and all I have left are puts but watch them go up.
We shall see, really wishing I still held those SPY puts, haha.
Barron's comes out with a wonderful title on Oct 29...TECH IS BACK!!
Great timing. Goog, aapl and csco all down. Leaders are falling fast.
Oh well...next few days should be fun.
Dan
Dan, are you navigating this choppy market okay?
:)
Yep! I am only in stocks, not options..self directed IRA. Currently I sold Hans for a nice profit and Pot for some solid gains.
Only company now is Manitowoc..just added shares this morning around $38 a share. Will be added to S&P 500 on Nov. 15..huge play in global infrastructure as they are the leaders in large cranes. And undervalued, in my opinion.
Dan
Just trying to read and learn as much as I can about options before I get the cash to jump in.
Dan, good for you! Keep us posted!
:)
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