The last call trade worked out great (sarcasm.) I sold my open contracts to get what I could on this nice little up move this morning. I had 40 contracts of the QQQQ Jun 50 calls (which expire next week.) I had a cost basis of $0.60 and sold them this morning for $0.12. That was an 84% loss on this trade.
The recent $50 highs on the Q's now look like a resistance point and will probably be seeing some more downage from here. The trendlines just rolled over and now the weekly trend is now pointing down. So once again the go away in May adage seems to be holding true this year.
Next week I will be on vacation for about 10 days and I really need a break from the office. I will also take a break from my trading as well and will get back into it after my vacation.
The recent $50 highs on the Q's now look like a resistance point and will probably be seeing some more downage from here. The trendlines just rolled over and now the weekly trend is now pointing down. So once again the go away in May adage seems to be holding true this year.
Next week I will be on vacation for about 10 days and I really need a break from the office. I will also take a break from my trading as well and will get back into it after my vacation.
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