well folks the tuesday before christmas on the 30th we (i really) bought IBM puts....well christmas was day off, thurs. was uneventful and friday, well let's just say friday has been the last chance since then for me to sell my puts at a profit. so i am watching the tape intently, and IBM was at the point of cracking, i had like .3 on it and it just wouldn't crack and i thought also i should get rid of this....i don't like the way it's just holding on and at 3:30 there was a huge rally and ibm spiked up over 1.5 in minutes....well actually it dwadled at break even point for me for a couple of minutes....zoom up one dollar and by close up another .5 ...... www.wtf.com
i had a feeling something bad was gonna happen and it did and i was caught with my pants down. it was a really tough call though, the volume has been very light since late Nov., even as i write now in mid. Jan....volatility been really low also.....it was a very tough call to sell and i didn't make it.
the aftermath is easier....ibm went up like a rocket for the next week, i stopped looking at the quote, finally late last week i started tracking it again....friday had a chance to sell at 5.5, but i still think this is a dog and that the market would go down today, i.e. Monday.
well, i was right about the market going down today, i saw the tape in the morning and it was screaming sell sell sell of everything. i could have closed my eyes, picked a stock, gone short and made money. on some, very good money. guess, the one stock that i track which went up and up....fking IBM....i've checked all the sites that i know of and there is no news. if ever you thought of people or unknown entities manipulating stocks, this was a poster child for that day. there was no reason, zero, nada, zip for IBM to go so strongly +1.5 and stay up for most of the day. none. i don't give a shit that their earnings are a week away....they are going to suck and this crapper is gonna break 80 for sure, but for now some unknown, unseen forces are pumping this higher.
i am still short, but tomorrow is critical....at this point i am willing to take a 2 point loss (ouch yes) and watch from the sidelines. there's other chickens to pluck.
