I thought we'll have a short term bounce, like a few days to at least 1000 in S&P, and last night we have the China's 4T Yaun rescue plan. Market was at the top at the open, then it went down since, there was no bounce.
- I had the plan to reduce positions and sell covered calls, but I was sure it would bounce back. I was wrong. I waited too long. MOS was as high as 40, but closed at 36.
- After waited a few hours, I sold MOS twice, get rid of the positions I bought on Friday, for a small profit. I bought at 35 and 36; and sold at 38 and 37. But I still hold lot of MOS shares, some of them I sold covered call against.
- I also bought MEE last week and sold covered calls against it, this is a leap call.
- Today, I sold POT's Nov. covered call against it.
- All these are to add some down side protection, meanwhile to hold these shares if they're not called away.
- Maybe selling hope is the best play in this market.
- Taking profit certainly is the best plan in this market so far.
- I sold DRYS at a loss, pretty much gave all the profit I earned from it. I will not near it again. Too many lessons.
- Now I'll focus on quality names and good ideas, don't try to make a killing in speculative plays. That's wrong, that's not a good way to trade. That's a bad way to trade.
0 comments:
Post a Comment