tuesday was good

i had a mad hangover on tuesday morning, when i woke around 11:30pm....we had gotten the pullback we so desperately needed on IBM...it had dipped to 88.5 and then rebounded. crap. the market looked depressed. i figured i had time to get to work and then game it from there.

i thought the market would go down till the close and i was partly close. the market trended down and then flattened out. particularly, in IBM's case, it wouldn't go down below 88.5. i watched the tape for a long time, but i saw that there was support there, so i sold 20 of the puts for 6.9 and held on to 10. it spiked to 89.3 and i thought yikes, but then it sold downwards to the close. i sold right at the close for 6.8. you have to trade options for a long time to gauge sell levels so well. things get illiquid at the close, but i got lucky.

even though it was a loss overall, it was not so bad, and i am very glad that i'm liquid.