Well, I overestimated the market reaction towards Steve Jobs ill health. I expected more negative reaction but the market was more sympathetic. I also overestimated the market reaction towards Obama Inauguration. I had expected a rally towards the end of the day.
That said, I still make some money from AAPL since the stock had been going south the last few days. Furthermore, towards the expiry day last Friday, three of the four credits spreads (AAPL, SPY, RTH) that I played made money. The last one was TGT - loss some here.
Last Friday, I played two fresh trades. Bought SPY Put and played credit spreads on SPY (apart from an existing AAPL Put). The plays were made based on the off-chance that the market would not be kind to Obama. It IS NOT kind to him ending significantly negative yesterday.
The market is oversold at the moment. It might want to test the Nov 2008 low. However, it may not have enough energy to test the Low soon. I have liquidated all my short positions for now - waiting to short again at the right moment.
Cheers !
PersianCat (Millionaire-in-progress)
Trade Like A Persian Cat reminds me that I should be like a Persian Cat, waiting for the right setup to trade and not act on impulse. This blog documents my trades, thoughts and reflections in playing Options in the US Market. "Bulls make money, Bears make money, Pigs Get Slaughtered, Cash is King"
Who Am I ?
Interesting Read
- Are You An Academician Or Practitioner?
- Are You Winning The Battle?
- Comic Strips
- Guidelines For Intraday Play
- How The Markets Really Work
- Jewish Holidays 2012
- Optionquest Online Game
- Play One contract only !!!
- The Average Investor Mentality
- The Market Cycle
- US Market Holidays 2012
- Who Are You Trading Against?
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