today has been a roller coaster day. and its hard to trade while having a full time job.
at least i manage to do two things:
1. scalped for break even with a buy of SSO: 100 : @ 38.12 and sold @ 38.15 which was a crap for a +$1.04 (LOL>>>>>) wiht all the losses for tens of thousands i made a profit of a dollar....
2. entered SSO again @ 37.95 ... not sure what i would do.. probably looks like a better thing to do is to sell a call (which seems to be real ripe ..) the $38 OCT is going for $3.25 i mean that's 325$ on the investment of 3800 (8.5526%) on the month. provided that it stays above $38 by OCT 21 2011. which i am pretty much sure it does.
today's trading day may have touched the intra day low of 111.30 [ which is above the 110] we reached after the collapse after S&P downgrade.
as i have been always i have been:
1. too early on selling (one with profit)
2. too early to buy (which sweats me )
having said that that's exactly what happened:
i closed my SDS(-1%) and TWM(3%) yesterday. had i held it till today i would have made about 3%(SDS) and another 7% on TWM but ... no regret there.
now the bigger issue is i got into 125 calls (jan 2012) yesterday close. of course it was really painful seeing the 40points drop today which took away 1/3 of my protfolio.
at this point i am holding couple of longs ... and a [ hedged short/long ] position.
i am not sure what i would be doing tomorrow... but obviously i would like to sell call against my SSO :D and see if i can make money on that.. or i would rather just close my position but it seems rather profitable to just sell the call if the market has found on new legs to walk on :D
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