I am so very disappointed at myself. I exited my Mar/Apr 165.. that would be worth a ton this morning. I exited my Apr/Jul 170c, which would be worth more than double what I sold it for. Ugg. The only good news is UST. The rest of my portfolio is a blah. So disappointing. That said, I was up slightly yesterday, and I am up again today. But Sheesh…
HON – 4 units of apr/jun 55c for 1.36-1.40. Interesting risk to reward trade and consolidating trend channel. Thx Mike.
ATI – bought 2 units of Apr 75/65p for 2.48. It was touching a previous high, and just hit the underside of the 50 day MA. I missed my chance to sell this for a profit. I have a stop just above where the price closed.
SDS – bought 1 unit @ 86.06 upon the market downtrend line and daily pivot point with SPY @ 131.40. I am banking on some selling prior to the Fed announcement. I picked up a second level @ 85.88 with a very tight stop. Result – I was stopped out on both positions @ 85.74 and 85.69. The A/D line and the TRINs were too strong. Bummer.
JPM – bought 3 units of Apr/Jun 42.5p for 1.10. I just don’t think the Fed will let JPM fail, and I am assuming their balance sheet is good to weather further storms.
UST – Sold 1 Mar/Apr 55c for 1.50, these sold with the mid-mark showing 1.42. Very nice.
FED announcement of .75 rate reduction, created an immediate sell, then they bounced back to highs within 10 minutes. interesting.
With all of the movement, my sideways trades are still sideways. My ATI down trade is now dropping. Very nice. I had 450 negative delta going into the announcement. So far, so good.
After the market dropped, then rebounded:
COF- bought 2 units of June 50/40p for 2.85 and 2.80. @ 50.75. The main risk with this stock is credit risk to the consumer. I don’t think the fed has changed that.
When all was said and done, I was down 1.3%. This has been a rough week for me. Mama.
The S&P rallied 54pts, the Dow 385. The S&P is now just under the Feb trend channel. . It will be an interesting open.
March 18th – I am not down, but I messed up
Goldman reported strong results. And I exited yesterday…