Made mistakes, but that's OK if I am right

Follow Atilla's call and closed FAS,BGU and SSO, for about 1500 losses. This was a mistake! Should I keep them, and just closed SRS put, I will be $1200 richer!

1. Actually, sold FAS at 8.04, then it did hit low of 7.6. Didn't buy back, now it's 10! My losses is $75. That's a miss of $1000.
2. Did buy C at 3.18, now it's 3.68. That's great. Make up some of the FAS losses.
3. Closed SRS puts, otherwise, another 100 loss.
4. Add 200 TNA, this makes up the close of BGU.
5. Sold 6 TNA 20 puts for 2.4. This may very well earned already.
6. ST and FD are in SSO and TNA and BGU. My IRA are in SSO and TNA. So I am good if the market can continue to run.
7. Actually, it's good in the future, just sell OTM puts on the stuff I want to buy, and then keep buy the underline stocks, options are too risky.
8. Another thing, if TNA goes up too much, either sell or sell the covered calls.
9. If what Atilla said is true, it will double when SPY hits 1100, and I will earn my first real money.
   
10. Yesterday I bought TNA calls for 1.7, not Friday, today it's 0.8. Just two days passing. If the rally continues, I'll get it back. Before that, don't trade this. And I could very well lose the money if it just hit 34 before Feb.
    
11. The sequence should be:
12. 1x.
13. 2x
14. 3x
15. options on 1x
16. options on 2x.
17. etc.
18. Keep enough cash in Etrade. 17K is about right.

Am I finished?

I could not believe I made another mistakes on Friday, by closing all the shorts, DXD,TWM and HBC puts. And I went long.

1. TNA and BGU. That's 3x.
2. SSO,2x.
3. TNA calls, that's options on 3x.
4. If the market tanks tomorrow, I am dead.
5. What's more, I went to huddle room 40 minutes before close, and I calmly bought SSO calls at .50, it went as low as .28, and I could not sell at .35. The IB borrowed me money and bought 1000 shares for me.
6. Wow, now my account will likely be liqudated first thig tomorrow morning by IB, I may even owe them money, or only get a few dollars left. Only when market open higher, I got a chance to trade in IB again.
7. Shit!
8. Fuck!

Switched from short to long

1. Sold DXD for a profit. Sold MZZ for a proft. Sold TWM for a loss.
2. Sold HBC puts for a great profit.
3. Bought SSO,BGU and TNA as my long play for Obama rally. Market was down 10% since Jan.2nd, and even with Friday's bounce, still down about 8%. These are intended for a short term trade.
4. TA supports the bounce; the market continue to hold up with banks' horrible news, tells me market wants to go up.
5. And Obama's inauguration provides the execuse for both bears and bulls to push this market up, the feel good effects.
6. It's a new start for the country and the market.
7. I hope there will be no selling the news on Obama becoming president.

Sold SRS

Market took a beating early and then closed up.

1. Sold SRS for 11 points. That's very lucky, I sold above 74 and it closed at 63.
2. Also covered Jan 75 put for 8.5 point when SRS is around 72.
3. Still sold SRS Feb. 45 put. It's still ahead so I will keep it.
4. Also sold a small FAZ position for 11 points, won't touch 3x ETFs again.
   

The market is crazy to say the least. I need to be careful, not betting too heavily in one direction. It's good to make money, it's great to not lose money! I am still in recovering mode, from the pain and losses I suffered in 08.

Still think we'll have a new low this year, still not sure if we rally first, or we go back down again.

Bought HBC March puts

After seeing the news of massive March puts were bought in HBC, I added my own puts yesterday. Today, market is down 3% and HBC 8%. Tomorrow is a key day:

1. How will market react to JPM earning, Steve Jobs's medical leave?
2. Other economic data?
3. We know all these will be bad, but how market react to these is the key.
4. My plan is following:
5. If market drops hard, I may need to reduce my shorts; and when it rallies, add these shorts back on.
6. If market rallies from the get go, don't need to do anything, it will reverse to down soon.
7. And I think the Obama rally ended on Jan.2nd.
8. From now on, every rally should be sold. You can only be wrong for getting too early in short ETFs, i.e., you'll get too high an entry price. But eventually, you'll get it back when market touches new lows.
9. I think market will make a few new lows this year.

First trade of the year

Since I was burned lot of times last year, with longs and shorts, I decided to go slow this year.

1. Only one trade this year so far, sold SRS Feb 45 put at 4.7 yesterday.
   
2. Reason is I found the information that there was a SRS Jan 65 call block trade of 5000 yesterday. Today SRS is up almost 9%.
3. I have SRS (sold Dec 70 put and got assigned), and another Jan 75 put will likely be assigned, now SRS is 59. The cost of that SRS is not too bad, I sold the put for $10.5, plus the $4.5 I'll receive (SRS's distribution), make the cost of SRS at 60.
4. Again, I will likely to use selling of OTM put as ways to reduce risk in the future.
5. For the week, S&P is down about 5%.
   
6. Amazingly, I did well for the first week of the year, DXD, TWM, SRS, MZZ are all up due to a down week. My long holdings POT and MOS are up, MEE flat.
   
7. I'll continue to play short ETFs for short term, and use POT and MOS as a balance to play the upside, if there is one.
   

Be patient

1. I was too early to sell SRS put. Got assigned. But I sold SRS 70 put when it's 85 in Dec. It's far better than buy SRS at 85.
2. I was too early to get into DXD.
3. Now, I think the market is determined to push higher into Obama's inauguration.
4. Then, we'll have a sell off.
5. So it's wise to be patient to add at better price, better use OTM puts.
6. It's great I bought POT and MEE, and sold covered calls against these, I also sold POT and MOS OTM puts, all are at great profits. These balanced my error in entering short ETFs too early.