ADVICE PLEASE...
Now that we have all weathered today's storm and have made lots of money selling plywood and nails to all those homeowners who refused to believe us about the oncoming disaster ("I'm stayin' put...if the neighborhood gets destroyed, I'll just by all the vacant lots!")...
VBG!!!!!!!!!!!
If you guys could be patient with me I'd like to go over what I did today and would really appreciate feedback on what I did that I could have done better. I made money, but I could have made more. I won't go into percentages because apparently I have difficulty in that area <VBG>.
Knowing full well the implications of the drop today, I carefully watched the S&P. I had puts on CCI, INTC, AFS along with shorts on MU and KRB.
CCI: I sold my puts at the stock price of 126, figuring that was support. I had made a decision to sell at that point when I bought them and did so. When the market dropped below 1056...and it did in a flash...I took that as a sign of further storms and bought different CCI puts. CCI continued to drop. Then it reversed and I saw a profit become a 15% (oops, sorry about the % thingie) and I sold...that's my rule. Then CCI reversed again to close near the low. Combined I made a profit on these trades, but loss half of it in the end.
INTC: Sold my puts when stock was at 79 something because I felt the way it was acting indicated some psychological strength. I bought feeling Intel was going sub 70, but sold...maybe to make myself feel better for screwing up on my CCI puts.
KRB: Covered when the stock was at 26 5/8ths. I had felt there was strong chart support at 25/26 and didn't want to push my luck.
MU: Shorted at the open (surprised I got it). Covered at 26 5/8th when I saw there was some strength coming back and was happy with the money I had made. No other reason. I know we can probably go to 20/21 again, so I'll probably short again.
I picked up some ASF puts when I saw the market collapsing under that 1056 mark, but sold them in the rally when I had reached my 15% loss limit. I see this stock going to 58 or so, but I'm not too unhappy about my cutting losses here since the stock and put closed a bit higher/lower than my exit price.
-Picked up new positions on NKE (puts and short) and GIFI (thanks Thean) at the open once I saw the downtrend was for real. I feel safe in these since their technicals look like a POS.
O.K., so what's my point here. I'm trying to learn how to keep my emotions out of all this and I've done fair in that regard...but could do better. The 15% options loss limit and the 10% stock loss limit keep me under control.
-bw, Gorillia Class....ROTFL!!!!!!!!
-Grommit...isn't a grommit a beginning surfer? I asked you this before about 6 months ago on the SD thread, eh? Answer?
-PK...I think you've just about sold me on the gold thing.
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