Thursday, September 25, 2008


the markets are crazy....we all thought we would go down today, so on the morning rise on IBM to 119, +2.5, i shorted it, i got a little overzealous and doubled that bet, still at 119 to 20 puts. the market kept rising IBM at 120, shorted some keeps rising and at 3pm it's at 122....i'm freaking out....all my profits for the week plus some more are about to go down the tube. i can't even hold overnight because of the bailout plan rally threat.

i short at 122 and pray for the late afternoon drop....i watch the tape....i'm like a ninja....compute all exit points....IBM goes down to 120....i collapse all took nerves of 122 was the only profitable leg, i couldn't sell it too early as it was counteracting the losses....but if IBM rallied into the close....with only 10 min's to go i sell the 122 / 120 at 122.3, wait 5 min's and i sell the 20-119's at 120.

total loss of 1K, but it could have been much worse. i was very lucky. some skill too. PHEW !!!

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