[Weekend Summary]
Dear Member:
The markets are showing some signs that they may have gotten a bit ahead of themselves if not that they are ready to retrace a little. Among the major averages, only the Nasdaq was up for the week. It, along with the Dow Industrials and the SP-500 were down Friday on average or slightly above average volume. Meanwhile, volatilities were creeping up suggesting a slightly more bearish tilt. My services had a mixed week from a winner I closed in the nick of time in the $10 Trader to realizing a couple of crummy losses in Option Trader. Trend Trader added a couple of positions and held its own.
I had a very disappointing couple of trades in Bea Systems (BEAS) and Formfactor (FORM), both of which I closed for losses this week. I had a bullish trade on BEAS and a bearish one in FORM and I was wrong on the direction of each. Makes me think I chose them while in a fit of dyslexia. Anyway, the losses are cut and I am hopefully on to better things.
I added a March bearish call spread on Kohl's and it looks pretty good with less than 3 weeks until expiration.
I sold calls against my long position in Sirius Satellite (SIRI) and it dipped after the sale so that short position is presently in the profit column. I also rolled down my short calls on Anadarko Petroleum (APC) and made a 40 cent profit on the 47.50 calls I bought back.
Nasdaq Market (NDAQ) is causing me some trouble and I adjusted again this week to try to turn it profitable before expiration.
The spreads on Citigroup (C) and SPY are doing fine.
I have to confess that this is one of the most disappointing weeks I have suffered through with Option Trader in a long time. My mother told me I'd have weeks like that, but I didn't believe her. The one thing that makes me happy is that the losses were taken and now it is time to move forward again.
Have a good weekend.
Bill
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