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Sold ERTS Apr 55 puts today @ $.90
- Thread starter Crevalle
- Start date
Today's ERTS chart looks just like the SPX (or any index) the day the markets reopened after 9/11/01... Gapped lower at the open, recovered somewhat during the next hour (remember patriotic buying?), and then turned south again, went down gradually for the rest of the day, and closed below the open. I'll have to run some studies about big gap down days to see if this pattern is more likely than other patterns.
Quote from HectorG:
Those puts are now worth $1.90 and will continue to add as stock continues to drop.
That's already 100%+ loss in one short day.
Ouch. It amzes me why people always want to catch a fallng knife when it's not a wise time. They just end up hurting and hurting....
Hindsight is always 20/20, and I really can't stand armchair quarterbacks such as yourself. I always used to tire of listening to guys like you say, "Oh, I sold in Jan 2000 right before the bubble burst--I just had an intuition." Right.
If I would have waited three hours, I could have received a much higher premium, big deal. Never try to time the market--you'll lose. Two months ago I sold 45 RIMM puts for $2,700, and they doubled the next day. They still expired and I got my premium. Is that a losing trade? Bulls and bears make money, pigs get slaughtered.
BTW--How is this a "100% loss?" I gotta hear this...
Quote from Aaron:
Today's ERTS chart looks just like the SPX (or any index) the day the markets reopened after 9/11/01... Gapped lower at the open, recovered somewhat during the next hour (remember patriotic buying?), and then turned south again, went down gradually for the rest of the day, and closed below the open. I'll have to run some studies about big gap down days to see if this pattern is more likely than other patterns.
Let me know what you find out. I've studied gaps for quite some time, and am always looking for more insight. Today's ERTS activity really whipsawed me--looked like textbook support on high volume. Almost identical to AMZN's drop on Feb 3rd of this year.
Quote from Crevalle:
Hindsight is always 20/20, and I really can't stand armchair quarterbacks such as yourself. I always used to tire of listening to guys like you say, "Oh, I sold in Jan 2000 right before the bubble burst--I just had an intuition." Right.
If I would have waited three hours, I could have received a much higher premium, big deal. Never try to time the market--you'll lose. Two months ago I sold 45 RIMM puts for $2,700, and they doubled the next day. They still expired and I got my premium. Is that a losing trade? Bulls and bears make money, pigs get slaughtered.
BTW--How is this a "100% loss?" I gotta hear this...
And this is the exact reason why u shouldn't even tell people which trades u are entering. Now instead of focussing ur energy on figuring out how to get urself out of this situation, ur engaged in a pissing match with ghost's on a message board.
Were u trying to gain some notoriety here with this post?
Senor Zen
Quote from yenzen:
And this is the exact reason why u shouldn't even tell people which trades u are entering. Now instead of focussing ur energy on figuring out how to get urself out of this situation, ur engaged in a pissing match with ghost's on a message board.
Were u trying to gain some notoriety here with this post?
Senor Zen
Notoriety? That's funny. Notoriety on this board, and a quarter, will get you a phone call.
Just trying to start some dialogue--this board slows down too much at times. I don't mind if some disagree with the trade (or any trade), but I do get annoyed with guys who just want to be pricks. I've met these guys before, and it's amazing, because they're right 100% of the time, yet they're never close to retirement and still work 9-5. I always find that so interesting.
Hindsight is always 20/20, and I really can't stand armchair quarterbacks such as yourself. I always used to tire of listening to guys like you say, "Oh, I sold in Jan 2000 right before the bubble burst--I just had an intuition." Right.
warned your ass that it was a dumb trade when it was still up, but you thought you knew something.
oh well, it's your money.
Quote from Crevalle:
Notoriety? That's funny. Notoriety on this board, and a quarter, will get you a phone call.
Just trying to start some dialogue--this board slows down too much at times. I don't mind if some disagree with the trade (or any trade), but I do get annoyed with guys who just want to be pricks. I've met these guys before, and it's amazing, because they're right 100% of the time, yet they're never close to retirement and still work 9-5. I always find that so interesting.
yeah especially agree with second paragraph. This place is infested with know it all's. I give u credit for calling that trade in real time and dealing with the heat.
Quote from HectorG:
warned your ass that it was a dumb trade when it was still up, but you thought you knew something.
oh well, it's your money.
I worked on a trading floor for several years with two firms, and the critics were always the guys who didn't have a clue what they were doing, but loved to proclaim their genius. Always finding problems with others, yet never creating anything. You contribute nothing.
Care to tell me what ERTS will do tomorrow, genius?