Trade
close out AMD buy/write, buying Apr 40 call, selling stock
I bail out of AMD suffering a good size loss in a couple of days. The decline is too much pain to endure. This isn't a value stock, so waiting around can often lead to extra large losses. On the Yahoo message board (link) buyers continue to want to step up--not a good sign when a stock is this weak. To me it means these people are insisting they are correct and the market is wrong. I've been around long enough to know that these are very dangerous arguments to have, even if selling on the dip occasionally means dumping at a temporary low.
Gold and silver break $550 and $10 support. Mining stocks down a modest amount considering the move in the metal. The long awaited correction in the price of the metal may finally take place. Platinum also down and it is at round number support of $1000.
As of this writing, it seems like I am on a bad streak, or the markets are. Need to regroup and clear my head. Almost always a good idea after getting whacked.
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