Friday, June 20, 2008

Bears rule!

Well, folks, there is no other way to put it when the market sold off on high volumes (especially NASDAQ) and the major indices closed below key levels (DOW under 12000, SP500 under 1320). What surprised me is that there was virtually no rebound going into the close, and the big name tech leaders were under persistent selling pressure all day long (just look at AAPL and BIDU). Even though the market is approaching oversold region again, the testing of the March bottoms is fully on now.

I got stopped out for my RIG put position, which sucked because it fell right back. Also did a couple of AAPL DT calls, and got out with small losses. Fortunately, I bought MOS July155 calls when it was retesting 150, and the quick profit on the bounce pretty much evened out those loss. Also got lucky to sell my ANR puts at 8.9 (the high of the day) when it spiked down in the early going. Despite of the decent profit for the week, the fact that I suck (just look at my FCX trade and where it closed today) has left me with a bad taste in the mouth, which can only be washed away by some yummy beers.

All in cash now, will get ready if there is a big panic sell-off next Monday.

Enjoy your weekend!

3 comments:

RazoR said...

haha nice writeup, I think my account had a recession today! Made some mistakes with options this week but learned some good lessons...Monday should be a hoot...beertime commence!

flyingwabbit said...

razor:
do you still have your appl position? what's your view on the market for the coming week?

Anonymous said...

do you think maybe you can get one of the option experts to post or show us where to find the optionable ETF's such as the DIA ?