Friday, December 14, 2007

No relief

Once again I got snookered at the open, having failed to sell my long calls at yesterday's close. I did manage to exit flat after the first 60 minutes, but that only made me even. The Qs spent the rest of the day in a 2 step down, and as expected, sold off on increasing volume into the close.
If there's any good news here (it might be a stretch) the Qs did not fall down to S2 for the close. . which looked like a distinct possibility in the last 60 minutes as the DOW plunged, feigned a turnaround and then sank again.
Being a ceaseless optimist I picked up a few long calls right at the close, looking for a Monday early rebound. Of course, that's more of an outright gamble than a reasoned trade, since the vast majority of recent economic reports have been decidedly negative and the overall market mood is somewhere between grim and morose. If the retail sector chimes in with poor sales figures, that will only aggravate the current weakness. I'm glad to be over 90% in cash and based on this week's trade failures with overnight holds, will probably discontinue that practice.
The weekly Qs update will be posted on Sunday.

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