Thursday, December 07, 2006

Thursday's Results

This week has gone by fast for me.

Anyways, I had accumulated a few positions this week, but today, I couldn't hit the sell button fast enough, and basically closed every one of my trades. None of them looked even close to being able to challenge yesterday's HoD's. I had also set up 7 alerts yesterday night in preparation for today. However, none of them went off - another sign that the market was topping out. The funny thing was that the S&P Futures pointed to a +ve open this morning, but I've learned not be fooled by that false signal.

When I was done selling off my prior positions, I was looking for something to short. RIMM had been hit with a broker downgrade pre-market, and given the bearish tone of the market thus far, I decided to take a shot at some RIMM puts:

Today's losses were attributed to the combination of not being able to get rid of my prior positions fast enough (I was hesitating with a couple of them), getting smacked around by the BIDU puts, and trying to predict the end of the pullback in Wi-Lan.
I did pick up 2 gold positions in the late afternoon (KRY and FRG), they seem less volatile than these tech stocks !


Simply Options Trader said...

Am not sure if it's timing difference, but I'm I seeing right that you bought the options BMO?

Phileo said...

Hi SimplyOptions,

The times listed in the chart are Pacific Standard Time. I had my IB TWS configured to display charts in my time zone (I live on the West Coast of N.America).

Cal said...

How much did you end up making on the RIMM Puts? Strike Price, Exp. Date? Sorry, we options trader love to know the technicals in a trade, so give me some details please?
% Gain?