Jimbo,
I made money with puts on the way down, then switched to calls after the reversal on Tuesday. However, I sold them too soon, and what is worse, failed to buy them back on Wednesday; instead, I bought puts and averaged down (Apr 100, cost av. 1.16).
I regretted this decision and very nearly ate the 50% loss today, but could not justify doing it in face of what seemed like very limited upside to MU at this point.
Tonight, with the upper channel edge getting good respect (as a resistance line), I am very happy with my Apr 100 puts, and would in fact have bought them again late today if I didn't already have them.
A repeat of Monday tomorrow would not surprise me, even Monday and Tuesday rolled into one. People seem very complacent about the market right now. Look at a three year chart of the S&P500 or NASDAQ or whatever. The precipitous action of the last few days should not be taken lightly. It isn't over yet. These are not "ordinary" times in the market.
Land_Lubber |
