Monday, September 14, 2009
An interesting expiration Monday as the Dow gapped down at the open only to come all the way back and end the day up 21 points. Advance/declines were positive and the volume was average. My OEX puts are almost worthless. I'm still a believer of a decent downside move by Wednesday but it won't be enough to save these puts. It's painful but it's all part of the game. Overbought and staying there as the usual positive expiration week bias takes hold. It's just another mistake of the many for me this year. Gold lost $5 today and the XAU fell 2 points. ABX, GG and NEM all had fractional losses on lighter than lately volume. The dollar didn't do much today. I'm laying off gold for now but I still like it longer term. I will note that GE was up pretty good percentage wise today on heavy volume. It's lending support for an already overbought market. Mentally I'm doing OK. Not feeling good about another losing trade though. My prognosis was wrong and there was a chance of that happening as usual. Perhaps I should have waited for a better technical set up. I think what happened was that after a good trade I felt that whatever I did next would work just as well. Obviously that was not a good line of thinking. I'll have to guard against that in the future. In retrospect, I could have just held on to the OEX calls that I bought and made even more of a profit. Hindsight is always correct. On to Tuesday.
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