Taking 103K to 1.2million by Year End 2008
- Thread starter neke
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Not sure I would have played FNM or FRE for a bounce. The risk was much. I did play MA for a bounce (OPTIONS), but I went in too early and exited too early (Bought Jul 270 CALL) at 9.30, sold after a few days at 2.00 as it kept going lower. had I held till Friday (day before expiration), I should have sold at 11 (a little profit). Had I sold the prior day (Thur) I might have sold for 21, making a handsome gain. Unfortunately, there was no knowing when the bottom was to be.
It was rough picking a bottom on the momentum stocks last week (POT, MA, BIDU, AAPL, etc); they got tired of their previously tested support levels, and the rebounds were not as strong. I made a nice profit on POT calls Wed when they dipped to $216 the 2nd time and rallied to $227. The next day I had my finger on the trigger when they dipped to $216 again (they always bounce off that), but the 3-minute chart action and Level II suddenly looked weaker and made me nervous. They had a very tiny rally that failed and the second they broke their 50 SMA ($214), a lot of stops got triggered and the selloff was immediate.
Hey Neke, hope your week's going well. Knowing you and I trade options on a similar basket of stocks, I wondered if you noticed POT testing all its support levels today. I went long Sept calls when they tested 205 short term support this morning, sold at 209, then end of day went long again when they tested 198 2-week support, now holding.
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