Fed + Other Central Banks

The Feds and some Central Banks create a scare (at least to me!) at 9am EST yesterday when they announced some packages to help provide liquidity in the global financial system. The market immediately rally wiping off most of my gains from my current outstanding positions.

Fortunately, the market corrected itself and resumed its downslide. The package was deemed to be too small to made a dent in the financial market.

I also added another position shorting LEH in view of their pending earnings results on Thurs morning. I was expecting the earnings results to be bad or just meeting expectations. In the current weak market, LEH would then slide further.

• Bear Call Spread, LEH Dec 60/65 Call @$2.20 (when the stock is $60.68)

On hindsight, I should have position myself just before market close (for earnings play) instead of shorting too early in the day. LEH had a short rally before the market close yesterday.

- PersianCat04 (Millionaire-in-progress)