Friday, November 14, 2008
Lazy Friday Trades
The market tried hard to rally today. It got near unchanged late before PLUMMETING in the last hour of trading. See the graph above.
And it was still dropping after the close when I got long a little NASDAQ-100 at 4:15pm. Bought the QQQQ at 28.54. I took my kids out for a ride (so they'd fall asleep) at 3pm and came back to see the QQQQs trading almost 2 points (6.67%) lower!
Today, I bought and sold November 30 puts in Wells Fargo. Got in at an average price of 1.65 and out at 2.05.
I also dumped Google at 321.74. I had bought it at 290.39 on Wednesday.
Covered my JP Morgan Chase short at 34.71. Had sold it at an average price of 38.85 in October.
Sold the DELL. Was in at 9.36 yesterday....out at 10.48 this morning - a little too early as DELL, one of today's strongest stocks, ran up to 11.51 intraday. I still have my 11.83 buy-write on.
Bought more of the *double long* oil ETF, DXO at 4.18. Now I'm *doubled-up* from my initial 4.92 purchase. The pessimism on oil these days is THICK. You can't find a bull anywhere.
In my experience, when stuff sells off hard on Fridays (and holidays)....it's a telltale sign of a bona fide bear market.
That is, in case you still thought the bull was raging.