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us stock market, trade stock
[Weekend Summary]
Dear Member:
The markets managed to move up a little this week and volatilities dropped. While these are bullish signs, it certainly is not a time to abandon caution. I am not convinced that the bottom has been reached, but the bounce has put us back into a short term bullish mode. I had some pleasant successes in Option Trader and Trend Trader over the past week, and entered a new position in $10 Trader. With recent market movement the $10 Trader has been the most difficult to find new candidates, but that seems to be improving as the markets have settled a bit.
I closed 1/2 my QQQQ puts on Monday and the rest on Thursday for an average gain of over 80 cents a share on a $2.94 investment in only 9 days. After my commission, I realized a gain of around 27%. Not too shabby for a short term trade.
I also closed the short legs on my Anadarko Petroleum (APC) and SPY spreads. The APC leg yielded a 20 cent a share profit and the SPY a 60 cent a share gain (both before small commissions) on the closed legs. I still hold long positions on each and will wait to see where they go for now. If we see another downturn, I'll sell some more calls against the positions and if they are moving up, I'll just enjoy the move.
The Citigroup (C) spread is doing fine for now. My Kohl's (KSS) spread in which I earlier guaranteed my profit looks like I won't be able to squeeze out any more, but it turned out to be a good trade nevertheless.
Nasdaq Market (NDAQ) in which I am still long some March puts as we near expiration doesn't look like I can turn it profitable and I will need to do something with my puts early next week unless the stock really dives.
Sirius Satellite Radio (SIRI) retreated to a bottom and has bounced. I'm just waiting for the opportunity to sell more calls against my position.
Isn't it a little early for daylight savings time? Have a great weekend.
Bill
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