Hello everybody, how's trading? <G>.
Sorry, I have been away from my computer most of the day. My friend told me that someone sent him a message when he was on. I let use my screen name to check some stuff out. He didn't say who it was, so whoever it was, don't think I was being rude.
Well, sad to say, I am out of my OO options position. When the market opened up gap down below resistance, and on good volume, I bailed. It was only meant to be a short term position anyway, so it did serve me well. Let me make a few comments.
1. OO broke 12 3/8, but the volume wasn't as much as yeterday
2. The market in general was hit hard.
3. OO price drop never really followed through after breaking support.
4. I do agree with Maria that the trend seems to be back up and that the "worst" may be over (warning:this is not Technical Analysis).
5. NONE OF THAT MATTERS. MY RULES SAY SELL ON BREAK IN SUPPORT SO I FOLLOWED MY RULE. LET OTHERS GUESS ON THE REST.
For all those who sold today (or are thinking about it). Just because you sold doesn't mean you can't get back into OO later if it starts to move up. If OO break above 12.375, and my technicals warrant it, I will get back in. But selling on the support break, ensures that you won't sit and have to ride it back to 9.00, if it decides to go there again.
Come on, all you have to lose is your commissions. Nobody here is trading with Merril Lynch (or they shouldn't be) and paying $100-$200 bucks per trade. I use PCFN at $19.95 per trade, and Datek and Ceres go for $14 and $8 per trade. With commissions like that, you CAN afford to sell, and get back in later if the price moves.
Good Luck
BCL |
