I Smell a Short Term Rally coming

Sorry I have not been able to blog in a while but as usual I have been very busy. I figured since it is a Friday I can take a rest from my school work and write a quick blog. Just by glancing at the charts I think we are definitely due for an uptrend (10% or better on indexed), whether it is a 1 day move or 3 months, I think we'll get at least that out of the market on the upside before we go down again. Today as the market was selling off I was taking advantage of the bargains out there, and was buying up with all the money I had sitting on the sidelines. I think we are just way to over sold and I think it can be fairly easy to make a quick buck trading into an uptrend soon. Today I purchased call contracts on GS, RIMM, CAT, GOOG, MER, and V. I think these contracts should bank a quick dollar or even land in the money by the time I'm ready to trade them. I will start unloading the instant the market moves higher, just because it is too dangerous to stay long for too long in these markets, but I will try to hold as much as I can until they expire. I think the entire market will move higher so I would assume most names to be safe for a short term trade.



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GS update 2

Today I sold the rest of my PUTS on Goldman Sachs as the stock plunged to a new 52 week low of 74. I sold my last PUT contracts at $7490 a piece or 74.90 a share. I think I made the right choice, because I see a short term rally coming to the markets in the next week or two and these options expire in less than 2 weeks. Either way I am happy that I was able to take part in this JACKPOT trade.



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Easy Rally Quick Short!

Today as we rallied in the market (for no reason), I was shorting stocks, after covering them all yesterday. I shorted names from AMZN to ZLC and will cover them as the market gets weaker. I honestly think this trading environment is awesome, and hope nobody is trying to be rational and "invest" because frankly I think that you will get hammered short term, and you'll have a chance to pickup the stocks at an even lower price.



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WOW What a Disaster! Bailout... FAILED!

Sorry I have not been able to blog lately, I have been extremely busy with school and work. I would like to start by saying that today was a complete disaster the S&P was down over 100 points! I covered all of my shorts today, because I think everything was way over sold. I think that this bailout will EVENTUALLY get passed once each crooked politician gets his/her way. If we have more crazy selling tomorrow I will be looking at calls to buy, as well as common shares... My advice is: I think it would be smart to cover some shorts, and wait for the market to have a rally to short again. I will be shorting if we get a rally of any sort. Individual stocks not necessary to name, I don't think any stock will stay up in this market.



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Update to my Goldman Sachs PUTS

With the financial mess getting really ugly I decided to sell 3 of my GS contracts today for a total of $19,740 or $65.80 premium per share (as GS traded down near a low of 90 today)! I still hold 7 contracts which I will wait to sell, because I have a feeling GS and the market as a whole might be headed lower!



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PUT Goldman Sachs in its place

Today I am writing about some PUTS I purchased to hedge myself. I own GS stock so I purchased 10 contracts (while GS was trading at about 171 per share) for the October expiration for the 145 strike. Goldman is the last financial giant standing, and honestly I don't think they can avoid this credit mess, therefore I purchased 10 contracts for a total of $1400 today. So with almost 50 days until these PUTS expire I will see what kind of profit I can pull. I will keep everyone updated when and at what price I sell the contracts.



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Hello World

Hello, and welcome to my blog. I have been investing in stocks and options since I was 11 years old (That's over 10 years ago now). My first stock was Corning Glass Works (GLW) and I purchased 45 shares at around 34 a share. I later sold my shares for over 200 a share during the tech boom in Summer 2000. Ever since making my first dollar I have been fascinated with the financial markets. I mainly am creating this blog to share my strategies with others, as well as "journal" my ideas so I can see how I did... Hope you enjoy reading my blog.



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THANK YOU!

Thank you for your support to my blog. I appreciate it and will continue to bring you the best material on a daily basis! Sphere: Related Content