Friday, November 13, 2009
Pay Day!
What a three and a half weeks it has been.
First week nothing happend, second week the SPX went from 1090 to 1030 in the blink of an eye. The SPX broke its 50 day moving average support and we readjusted the play as it looked like the market was taking a serious leg down.
Then two days after adjusting the SPX rebounded in one week to make its yearly highs touching 1104 this week.
Our short call is at 1125 and our ultimate stop loss is at 1115. That could be easily reached next week.
As I said in my email last Sunday our strategy on this play would be dictated by what the SPX did. It moved materially higher this week and thus it was right to close it for profit at the first available opportunity.
That came yesterday with the SPX ending down 11.27 and finishing at 1087. We closed our play for $0.85 which meant we made a profit of $0.35. A profit is a profit....as Lord Rothschild said no one ever went broke making a profit.
We'll get our new play on early next week.
Until next time.
First week nothing happend, second week the SPX went from 1090 to 1030 in the blink of an eye. The SPX broke its 50 day moving average support and we readjusted the play as it looked like the market was taking a serious leg down.
Then two days after adjusting the SPX rebounded in one week to make its yearly highs touching 1104 this week.
Our short call is at 1125 and our ultimate stop loss is at 1115. That could be easily reached next week.
As I said in my email last Sunday our strategy on this play would be dictated by what the SPX did. It moved materially higher this week and thus it was right to close it for profit at the first available opportunity.
That came yesterday with the SPX ending down 11.27 and finishing at 1087. We closed our play for $0.85 which meant we made a profit of $0.35. A profit is a profit....as Lord Rothschild said no one ever went broke making a profit.
We'll get our new play on early next week.
Until next time.
# posted by Paul @ 5:39 AM 
