Tuesday, November 18, 2008

As I saw GOOG down -$10 in the morning I sold the calls to save what was left of them. The stock has moved down and since the calls had only 3 days to expire, I imagined that I should take whatever I can at this point.

I watched GOOG keep moving down later in the day, I moved fast to cover the puts I was short leaving the long ones and let it to appreciate in price as the stock moves further down during the final closing hr of the day. Once I did cover the puts at high prices the opposite of what I though would happen happened. GOOG moved higher, the puts, I had covered earlier, became more cheaper and the puts I held lost value thus deepening my loses.