Monday, November 10, 2008

I got rid of the MA calls at very low price, taking a big loss on the trade. Although, my guess was right for the morning. The mkt infact was up early around 6:45am. MA was up too at that time. The calls were up quite a bit. Then I decided to wait for more upward movement. I told myself that MA has just turned around it will keep moving upward now for few days at least. But later in the day MA and the mkt as a whole turned around. I had to sell my calls almost at 1/4 of the price of what they were in the morning. MA ended up being down -$5 for the day.

GOOG was down a lot today too, at one point it was down -$20. I was watching and waiting for the calls to get lower and lower in price as the stock kept moving down. Near the close of the day the stock started moving up and was down 0nly -$13, at this point I decided to buy the calls feeling desperate to catch the upward move. In the morning I had set a limit order to buy 3 contracts for $5 when the ask were more then $12. Ultimately the calls came down to $6 I got my fill @ $7 for three contracts.

I am expecting GOOG to bounce off the $310 support, I waited for the stock to hit that level before I get in. It did hit $310 and then moved higher.