Daily Recap and Status – May 9, 2008

May 9, 2008 | Posted by Jorge

The action today was anemic.  Now I understand what folks like Dinosaur Trader and others complain about when the markets behave like today.  It also didn’t help that oil reached a record $126.22ish at its high.  Visa took another hit today, down another 4 points.  It’s reaching my entry/exit target of ~$81.  My feeling is that folks will begin to buy Visa next week and perhaps pin it near the 85 strike price but only Monday can tell.  There’s quite a bit of call open interest from 80, 85, and 90, so I would expect Visa to recover rather nicely.  With the larger bankroll I have, I’ll probably purchase one or two May 85 calls and one or two June 90s for a longer term hold.

Trades Taken: 3 x NQ

P/L: +$10

That’s right, I’m positive on the day and trading the NQs at that!  A victory is a victory.

We’re off to Yappy Hour (happy hour for dogs… don’t ask).  See you tomorrow!

Categories: Equities, Futures, Portfolio Progress | Tags: Crude, NQ, Visa | Comments