Tuesday, November 20, 2007

Closed Out My Puts and Shorts

Today, around 3:20, I realized that the market had an incredibly strong bid developing. I thought to myself that the bulls would probably press the shorts into the close, and that if they were successful, it might set up for some follow-through tomorrow. On Monday I had purchased some SPY and DIA puts, so I closed those out, in addition to my QQQQ puts. I had already covered my EMN and GES shorts this morning.

I also shorted TUP and JOYG when the market reversed. When it reversed again I covered those shorts, ending up with a small profit.

So that leaves me completely in cash except for MVIS.

I am still bearish, but it seems that the bulls are still not ready to capitulate. I want to wait for a bounce and then decide what the next step should be.

My trading over the last couple of days has been more calm and patient, but I am still trading too much. MY GES and EMN shorts are some of the first decent profits I've made in weeks, so maybe things are turning around for me.

12 comments:

mdawsz said...

If you're covering shorts does that mean we are looking at a woodshedder top?

Eric said...

Great job, stay conservative... and start printing money.

Trade rational, let the trades come to you....

Sierra Water said...

http://www.pbs.org/now/shows/346/index.html

White Squall Coming!

Eric said...

Nice Catch!! I'm hearing 600 Trillion in credit deriv. now.

*shrug*

Dinosaur Trader said...

Good move. We're due for a couple of green days. Unless they are accompanied with some volume I think we'll be back to swing shorts by the end of the week.

-DT

newequity said...

Update the stockalicious woody.

Anonymous said...

rookietrader. wood why dont you take care of your blog instead of flys. your blog is much better format even though you are getting shlacked in the market.

Anonymous said...

true, fly's new format is driving people away because it's hard to navigate and sucks ass

G said...

check out stock JST, excellent stock for a 30-40 percent gain by year end on the momentum end

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Paul Velvet said...

Yesterday here in the UK (25th Nov 08) was one of the most amazing stock market days with the FTSE making the biggest one day climb in history. Almost 10%. World stocks are so erratics right now.
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