Thursday, October 09, 2008

Sell SPY (buy back short puts)

Yikes! It is like stepping on a hornet's nest. I get out taking a 200% loss on the premium amount in a few hours. Oversold becomes oversold-er.

I believe this is the first time this year that I bought and got stopped out on the same day. I put my big toe in and the water was scalding hot, hot enough for a nasty burn. Ouch.

Be careful out there.

Still long IBM

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