Thursday, March 25, 2010

Bookkeeping: Sold Index Calls from this AM

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I am getting whipsawed quite badly the past 48 hours in my SPY calls.  Since most of today's gains came in premarket, it's difficult impossible to catch that move with options.  Hence I had to chase this morning and we are now below where I entered so JUST as yesterday I am punting and going to take a loss today.

S&P 1170 is the 5 day moving average and we seem to be headed that way ...this is a now almost extinct intraday reversal. (EDIT 3:45 PM - hmm, now it looks like 1166.6 is the 5 day moving average per stockcharts.com)

Still holding the ETFs...

EDIT 4:02 PM - the 5 day exponential obviously is volatile as it takes into account "today's" price - hence the drop during the day; it looks like it ended just over 1166.  The market closed right "at" (within a whisker) of the 5 day moving average again.  I wonder what upset the computers today.... the euro dropping on bailout news is nothing new.



Let's see what 'they' do in premarket tomorrow.  At March's pace the small cap index is headed for a 100%+ gain for the year.

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