Great call on the Thursday/Friday recovery. Glad I've been loading up on calls over the last couple of weeks, on days when the market has been down. Mainly INTC and QQQ calls, along with a few RMBS and AOL.
In this crazy market, my calls over the last two days made up all of my losses for September and October. However, I am not trusting this market, so I closed out my QQQ, RMBS, and AOL calls at a nice profit on QQQ and AOL, break even on RMBS. Still holding my INTC calls, have them coming out of my wazoo, all Jan 60s, averaging down all the way, and now all but one batch is green. I'm playing INTC to 55 (50% retrace back up), if it doesn't hit that by late Nov or early Dec, I am unloading.
Might buy QQQ puts next week, if the Naz gets shorted again by the houses/hedges (which I think it will before the end of the month), and/or get back into calls when it retraces back to around 3250.
Greenjeans and Co have made swing trading a necessity in this market. |
