Overview of Wednesday the 14th's trading
as you know my IBM puts were sucking. i am a day trader, if i am holding a security for over 2 days it's a real bad sign. IBM had crossed the 2 weeks mark. at this point i just couldn't tell what it's future was. monday and tuesday of options expiration week, were whipsaw. as told in the last post IBM showed some unusual strength in the face of overall market decline, so i was really worried. wednesday, the news in the financial sector was really bad and i thought things would go bad all day. i am watching the tape in the morning and IBM is down a dollar, but it's dithering around and i said "screw this" and sold it at 6.1. i bought at 7.5. i went back to bed disgusted.
in the afternoon i check the quotes and not 5 minutes after i sold, IBM went down in a straight line. in less than 10 minutes it was at 82.3. i would have sold at 7 or 7.5 or if i was really on point for a small profit. i was so mad. don't get me wrong, i made the right decision, the trade had gone sour. in such cases you always collapse at the first chance you get. but, it was terrible bad luck. if it had gone down with the market on Monday, i would have held, but that spooked me. trust me, there are market manipulators out there and you don't want to fight them.
i watched the tape all afternoon to fine tune my skills. did lots of research and thinking. i was thinking about going long, particularly AAPL, but the fact that JPM was about to report was weighing on me. C and BAC were getting decimated too. at the last moment i decided i didn't want to go long and went short GS. actually i had bids out for both of them and GS just got hit first.
thank GOD, i didn't get AAPL. steve jobs is dying or about to die and apparantly he's the entire fucking company. how can you invest in a stock, when one man is the sole reason to buy it. anyway, AAPL tanked after hours (AH). and guess what BAC tanked AH as well. they went to the gov. for $10 billion more. lalala .... all the financials are getting killed.
conservative calculations show i might return an easy 70% on my GS short. thank you GOD>
