Steve, summary of my day...
drove into work on Michigan's potholed filled roads and had major flat tire.
I got into work late.. 9ish, then left for the auto shop around 12:30
So silly old me wanted to be safe, since I wouldnt be able to monitor the market.
So silly me did this:
SOLD BCST @ 155 (for 2% gain) ... BCST runs to $180 I see when I get home, I left $10,000 on the table there.
SOLD CMGI Feb 80 CALLs I bought yesterday at $26+ for $31+ this AM (20% profit).. but they sold later in the day for mid $30s.
SOLD YHOO Feb 370 CALLs in the AM for break even... (sold at 30.50) they closed at 36 bid/40 ask... 10 contracts ... left $6000 on the table there.
So on the major downer side, the fact I couldnt watch the market cost me big time.. oh at least $16,000 today and if BCST gaps tommorow who knows how much more. (loud sigh)
On the positive side, at least I am picking good stocks and options even if I screwed up on the sells.. (not much of a bright side!) Frustrating day to say the least.
The market didnt "look" good to me in the morning, so I felt the internets might pull back... AMZN looked weak especially.... so I sold before leaving for auto shop. Oh well, what can you do?
Any reason for the rally this afternoon, I see NASDAQ up 70+ .. incredible.
On the bright side, I did buy a lot of PRFM at $10 and $10 5/16 today in the morning. Web site opens Feb 1 (monday) so I expect a pop to $15-$20 at some point soon. PERFUMANIA INC, 1.9M float....
I wanted to post it to the thread but I didnt get home for lunch.
NAVR also looked like it might recover.
So I'm in a lot of cash right now... praying the market crashes tommorow *grin*
Holding
ABOV
MFNX
PRFM
NAVR
INSGY
Some RNET I couldnt get rid of today... bummer
Tommorow's play for me is BRCM Feb 130 CALLs, BRCM has retreated almost down to its 5 day line now... good time to play it based on 2/17 split and the fact it's just a great stock.
I will be looking for retreats to the 5 day lines on YHOO, CMGI, BCST... sometime in next 2-5 days... will buy back in the CALLs then.
PRFM should do well tommorow, and probably will sell Monday on the hype around the web announcement.
As for general internet, I think until mid Feb all these splits are going to drive demand at least for YHOO, BCST, EBAY etc.
If we see these stocks move 20%+ off of the 5 day moving averages which they sometimes do for a day or two, then its time to buy very short term PUTs... :)
Good luck!
Mark
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