Wednesday, April 30, 2008


FOMC minutes were supposed to be released today at 2pm, so i took it easy in the morning, figuring nothing big would happen...wrong...when i checked in the afternoon, most of my stocks had gapped up big then faded downwards, except for Aapl, which opened at 176 and stabilized at 178. this was a disaster for my only open position, aapl may 180 puts bought at 171. yesterday it had gapped up to 175, which was still okay, i figured fluctuation and it might get down to 172, but this solid move, meant serious losses for me. luckily the market tanked after the FOMC release, mainly because it had ran up too much too fast. aapl tanked 4 bucks in 20 minutes. i didn't quite catch the absolute bottom (173), but i was able to offload them at 174. 3K loss, sigh! in a twist of fate, i had bought aapl puts before the meeting, figuring it was too high, however i sold them in the volatility after the release, not imagining such a big fall.
now for some milk and banana nut cake, courtesy of my Mom.


z-stock said...

how the heck did NFLX get to $41 in the first place---doesn't make any sense--I wish I had known they were reporting earnings--that was a for sure short sell the earnings call--