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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: Real Man who wrote (66628)	10/9/2003 3:55:41 PM
From: Lucretius	Read Replies (2) \| Respond to of 94695

couldn't pay me to short this. this is a trap. watch

To: Real Man who wrote (66628)	10/9/2003 9:39:50 PM
From: mishedlo	Respond to of 94695

Shorted the Naz when it was up a mere 20 or whatever and then thought better of it. Took it off (or so I thought). Had a stop in place that triggered a few point higher. (I covered the short but did not remove the buy stop). Rode the damn thing up 20 full points. Unfortunately I was not watching. I was in the middle of developing a website and was on the phone with someone for 2 solid hours. Somewhere near the top with the QQQ above 35 I looked at my screen and said to myself "this is really absurd". Typically when I have that thought I am correct but do not act. I almost (but that does not count) bought 100 QQQ puts. Instead I did buy 8 front month (dangerous) DOW 97 puts for .60 and going really out on a limb 5 SPX OCT 925 puts for 3.60. All the while I did not notice that NQ gain ticking up up and away. About 1 hour later I checked again and the SPX puts were worth $5 (took 2 off) and the DOW puts worth $1 (took 3 off) and only then did I notice that NQ ticking quite red on me. Went to cover and accidentally bought another! (This is what happens when you are usually shorting and for whatever reason are long) you end up trying to cover and actually double up. Fortunately I did notice this one and immediately took them off. If there is a moral here it might be something like don't try and trade when you have zero concentration going on. I did make far more on the puts than I lost on the NQ stupidity, took some off the table and let the rest ride. I am still holding some bear calendar spreads and near the high today was underwater on two out of three but now back to possibly slight ahead or at least break even, The decay is really chewing up the near term part. M