Selling hope

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.

1. 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.
   
2. 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.
3. I also bought MEE last week and sold covered calls against it, this is a leap call.
   
4. Today, I sold POT's Nov. covered call against it.
5. All these are to add some down side protection, meanwhile to hold these shares if they're not called away.
6. Maybe selling hope is the best play in this market.
7. Taking profit certainly is the best plan in this market so far.
8. 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.
9. 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.