Did I do that!?
Well I'd hate to be a bullish cherry on a day like today's tree, so I'm surely glad I stuck to my shorts and bought puts, easily doubling them up to 100%+ on a day trade.
We've all heard this and that and, "oh the market needed a breather" but honestly could we just go straight up for 6 months? It's almost like every investor in the world has made money over the past 6 months nibbling here and there on positions to realize gains, but what about the trillions of dollars being poured into our market, hey someone had to take a flushing in order for someone else to take profits.
I feel sorry for all those poor saps who ran up RIMM yesterday to the tune of 5% just to get clobbered another 5.5%
And what about all those metals guys, sheesh TIE took a spanking outback by grandma to the tap of 8.5%
On the bright side of things, Cramer recommends buying Google around current levels. $440 to $448 based on growth and valuation, and boy did those call option holders get crushed today. I honestly don't know how a day-trader could lose money on a day like today where as soon as I turned on my tv this morning at 9am the Futures were showing a 98 point decline, while china had sold off over 8%. Hope you were on the right side of the trade.
Even if you were a long term investor you could have easily hedged your investment with stocks that trade inversely to the QQQQ (Nasdaq 100 ETF), it's called the QID (UltraShort QQQ ProShares)
My trade of the week was with the March $135 Put option on RIMM, which I purchased yesterday for $1.5 and sold today for $3 even. The put went all the way up to $4.40 and would have tripled if sold at that level, hey we can't get em' all and we certainly can't be greedy in this market, you'll chop off you're own hand, trust everyone with experience, take your money and run.
Market Bitch Slap..tbc..