I was wasting my time away with my family in the shores of Point Pleasant, NJ last Friday so I completely missed the market meltdown and the drama about how Bear Stern is trying to drown themselves in their own blood. Plus Cramer had a meltdown of some sort.
With the current environment, I'm looking to use my profit from my PUT OPTION contracts and roll the contracts forward and increase the contracts to 2x the current position. This will allow me to take as much exposure as waranted without exposing my capital to too much risk. I am already profitable on these positions at >200% so I can use the profit to get additional contracts. The worst that can happen at this point is that these latest trade operations will flat-line and all those profit will go to smoke.
Also, I'm still long on LVS ,WYNN, AAPL, AMZN, LMT, BA, GRMN, AGN and RIMM but that could change in a minute.
5 comments:
Could you also share with us which stock you're shorting and maybe also a small explanation why you're shorting them? I'd like to learn to trade on the short side as well. Thanks!
Pinoy, you trade because of the time it gives you with your family, no? ;)
Anon,
I have PUT options on oil, metals and financial sector stocks.
Zoomie,
It's a little bit of both. I trade so that I can afford to spend time with my family and sometimes, trading also takes away time from my family. If you are referring to my WAISTING time statement...it was just a figure of speech but I could have used a better term.
How was your vacation by the way?
-MC
Congratulations to be long with WYNN.
I have same position. You can annotate my chart via>
http://just-charts.blogspot.com/
If you prefer elliott wave counts.
WYNN just had a great quarter and the stock is up about 10% in the pre market. Do you normally hold the stock through the earning report? Will you reduce the size or use option as hedge? What's the mental experience when the stock potentially gaps up or down 20% after the earning report?
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