The market is waiting for Intel's earnings. There seems to be a strong divergence between the movement of NASDAQ and the DJIA.Nasdaq is down all day long and DJIA is jumping up and down as though waiting for Intel to go either way.
Call and put options for Intel are ballooning. Too risky to hold Intel right now as the entire market sentiment is putting it on the microscope. Something is weird here, it seems that the call options are not pricing in last week's potential roller coaster fear ride from happening today again. The price movement should be big after the earnings. I know that alot of option players like to play earnings meaning that they will buy and sell call/put options around the earning day to make a quick buck or a quick way to lose your pants.
Closed my call position with a loss even though I sat through a hellish roller coaster ride through Black Friday. Had the opportunity to earn a bit but too greedy so end up with a loss. Was too optimistic about the company's up-and coming Q3 earnings.
Moral of the story: NEVER AVERAGE LOSERS..and I did during the worst stock market drop in history since the Great Depression. Talk about bad timing and plain stupidity.I never broke that rule until this trade.
Milestone for me: Almost blow ~50% of the account in a single lousy trade. Time to stop trading for a while and start to smell the roses in life.
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