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| Symbol | Sector | Return | Exposure | Trades | Last Trade | Status |
|---|---|---|---|---|---|---|
| FDO | Broadline Retailers | -3.68% | n/a | 2 | 24-Nov-08 | Prior Holding |
18-Nov-08
Descending Triangle - Maybe???
Holding Rationale for FDO.
I was just looking at a 60 minute chart for 30 days on the SPY. Maybe it's just me, but I am looking at what I think is a descending triangle. This usually means that the stock is going down. I hope not not but it probably is. I tend to always trade the market I want and not the market that is. Saying that. I went long buy buying puts yesterday on FDO Dec 22.5 for .95 and T Dec 21 for .49. Although I feel comfortable with those trades, I know I could of gotten a better price by waiting for this drop to occur. I feel we will test the lows hang out there for a little bit and blow right though it to the down side by the end of the day. Alot of people are talking in Washington today, and when there are hearings or anything else similar going on in Washington, the stock market drops big. I just wish they would have these things when the market is closed so people have time to think and not react.
Well this week is option expiration Friday. So far it looks like I will be assigned the UYG at $7.00. Right now it's at $6.05. I received a .25 premium for it, so there for my cost is $6.75. I'm hoping for a rally in the financials, but they haven't rallied in a long time. I should of never sold this put knowing that already. Didn't think the financials or the rest of the market would fall off a cliff in the last 2 weeks.
Well, lets hope I'm wrong about the descending triangle and hope for a rally going into option expiration Friday.
Posted at 03:36 in Holding Rationales | Permalink | Top
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