Goooooooooooooaaal!!!
Alright! The first time in a coupla' weeks or so that I freakin' finally made some money, and I learned something, too. So I was reading all the news bulletins about the escalating conflict between Israel and Lebanon, reading the financial news of the US markets and really couldn't find anything positive about the markets, save for crude oil going up and that's only good news if you trade it. I kinda' had a feeling today would be another day in the toilet for US markets, and I was right.
Before the markets opened, I placed two limit orders: 1) four contracts of the 36 July Puts of the Q's; 2) two contracts for the 134 July Puts of the Spyders. Also would like to note that this was my first time trading the Spyders; I have had TERRIBLE luck with the DOW Diamonds as my orders just never seem to execute. I badly wanted to get into the 110 July puts, and had I did, I would have closed at a near 200% profit. Cha-ching! But, after I placed my limit, I cancelled it because I didn't want to sit around all day waiting for the thing to execute. I knew I had a good chance getting my Spys and QQQQs as they trade at a much, much higher volume than the DIA's.
Anyway, within 10 minutes of the market's open, my orders execute. And the NASDAQ AND S & P kept going down. Down, down, down. My QQQQ's hit 35.79. At that market price, my puts were at $0.70 a share. The SPY's also pummeled down $1.20 or so, which placed my puts at $1.95. I was sitting in front of my PC, and I thought about selling to close, but I didn't. I ended up closing my SPY's at $1.65, still not a bad profit as my cost was $1.25 per. But, $1.95 would have been sweet. As for my Q's, well, I still have them and am breaking even. I really wanted to get rid of both today. Oh well. My lesson learned? DON'T BE A HOG!
So, I embark on my journey to carry these puts into the last week before expiration. I have the 39 July calls which are at $0.00. OUCH. Yeah. Dunno' what I was thinking when I got into those... Good lord. Should listen to my gut instincts, let me tell ya'.
Not sure what Monday is going to bring. I can only hope for some news to keep these markets southward, at least long enough for me to make a profit. Well, kind of sucks that the increasing tensions in the middle east is what is driving the markets down and making me some money. The escalating conflict only brings more blood-shed. Unfortunately, there's been either one conflict or another there, and Israel and Palestine have been at it for ages.
Bye.
M
Before the markets opened, I placed two limit orders: 1) four contracts of the 36 July Puts of the Q's; 2) two contracts for the 134 July Puts of the Spyders. Also would like to note that this was my first time trading the Spyders; I have had TERRIBLE luck with the DOW Diamonds as my orders just never seem to execute. I badly wanted to get into the 110 July puts, and had I did, I would have closed at a near 200% profit. Cha-ching! But, after I placed my limit, I cancelled it because I didn't want to sit around all day waiting for the thing to execute. I knew I had a good chance getting my Spys and QQQQs as they trade at a much, much higher volume than the DIA's.
Anyway, within 10 minutes of the market's open, my orders execute. And the NASDAQ AND S & P kept going down. Down, down, down. My QQQQ's hit 35.79. At that market price, my puts were at $0.70 a share. The SPY's also pummeled down $1.20 or so, which placed my puts at $1.95. I was sitting in front of my PC, and I thought about selling to close, but I didn't. I ended up closing my SPY's at $1.65, still not a bad profit as my cost was $1.25 per. But, $1.95 would have been sweet. As for my Q's, well, I still have them and am breaking even. I really wanted to get rid of both today. Oh well. My lesson learned? DON'T BE A HOG!
So, I embark on my journey to carry these puts into the last week before expiration. I have the 39 July calls which are at $0.00. OUCH. Yeah. Dunno' what I was thinking when I got into those... Good lord. Should listen to my gut instincts, let me tell ya'.
Not sure what Monday is going to bring. I can only hope for some news to keep these markets southward, at least long enough for me to make a profit. Well, kind of sucks that the increasing tensions in the middle east is what is driving the markets down and making me some money. The escalating conflict only brings more blood-shed. Unfortunately, there's been either one conflict or another there, and Israel and Palestine have been at it for ages.
Bye.
M
posted by DaddyBi at 8:06 PM
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