Just returned from a visit down south. A five hour drive each way is never fun. No trades today.
- Long: Nap
- Short: Awful holiday traffic
Tuesday, May 27, 2008
Wednesday, May 21, 2008
Daily Recap and Crude Status – May 21, 2008
As of this post, crude hit $135 a barrel. That’s right, $135. This morning, crude was hovering around $132. Since I’m in a crummy mood and enjoying my Wii Fit, I’ll keep this update short.
Trades Taken
- 1 x NQ
- -3 x BBD June 25 Call
Profit / Loss for the Day / Open: -$135.00 / $0.00
Overall crummy day. Need to stop trading while distracted. My portfolio is now liquidated and will remain so until Tuesday. See you tomorrow!
Oil Over $130…
How much longer can the markets continue to hold out with oil running as if it was being chased by a maniac? Oil topped $130 this morning to $130.41 before pulling back a few cents. My theory is something has to break. It’s either going to be the price of crude or it’s going to be the markets. While I’m not a permabull or permabear in any sense, my bet would be on the markets cracking sooner than crude. We will never see gas under $3 / gallon again if you ask me. Sigh…
Daily Recap – May 20, 2008
I know.. yesterday’s update is a tad late. Had some personal business to attend to which is carrying over into today. If everything goes as planned, things may change around here much sooner than I anticipated but we’ll see. Anyways, here’s a quick recap of yesterday’s events:
Trades Taken
- 1xNQ
- -1x V Jun 95 Call
- -1x NYX Jun 75 Call
Profit / Loss for the Day / Open: -$18.00 / -$37.50
NYX is the subject of a heated debate on the Option Addict boards. Personally, it violated the main reason I entered so I exited. As for Visa, the chopfest the past 4-5 trading days ate the time value in my option. In order to be profitable, I would need Visa to jump about 8 points over the next week or so which, with the current state of the market, doesn’t appear to be likely. In the event Visa breaks out of the range it’s been trading in, I’ll go ahead and jump back in. My futures trading saved my portfolio with a short off the NQs for a $70 gain, bringing my portfolio to near even in spite of being heavily bullish. Pays to be diversified, regardless of what your account size is!
Monday, May 19, 2008
Daily Recap – May 19, 2008
Keeping it short since I just came from class. I apologize for the lack of updating during the weekend but I’ve been ill for a couple of days now. Having a nasty headache right behind your eye really, really hurts! Anywho, quick update:
No Trades Taken
Profit / Loss for the Day / Open: -$77.00 / -$174.00
Amazing what happens when volatility begins to contract. Visa finally broke above $83 today and closed almost a point higher and yet my contracts were down. Theta and volatility suck. Seems to be the story with the rest of my holdings. I think at this point I’m going to switch from playing an options/futures game to strictly options. There’s quite a bit of cash sitting in my account that I could potentially put to good use. I’ll have a more complete update at work tomorrow. Sigh…