I entered my put trade a couple of days ago and it looks like I entered just a day too early. If I waited a little more I could have had an entry at the $0.25 level. But you don't get rich with a bunch of coulda woulda's.
The Q's are showing some nice strong support at the $44.90 level and have bounced off there 5 times today. I got back to near break even on my trade and decided to take myself out of it since I don't have the time to monitor the position currently.
So for recap I was in 20 contracts of the QQQQ July 44 puts with a cost basis of $0.50 and I stopped out at $0.45. This represents a 10% loss on this trade.
With Uncle Ben and Paulson testifying with congress today, all kinds of crazy things can happen and the contracts I was holding expire next week. So I decided if you can't ride it out and you don't have time to watch, its time to get out.
Now if the Q's break this $44.90 level today or tomorrow, we could be looking at low $43's very quick. I set an alert to email me if we break that 44.90 level.
The Q's are showing some nice strong support at the $44.90 level and have bounced off there 5 times today. I got back to near break even on my trade and decided to take myself out of it since I don't have the time to monitor the position currently.
So for recap I was in 20 contracts of the QQQQ July 44 puts with a cost basis of $0.50 and I stopped out at $0.45. This represents a 10% loss on this trade.
With Uncle Ben and Paulson testifying with congress today, all kinds of crazy things can happen and the contracts I was holding expire next week. So I decided if you can't ride it out and you don't have time to watch, its time to get out.
Now if the Q's break this $44.90 level today or tomorrow, we could be looking at low $43's very quick. I set an alert to email me if we break that 44.90 level.
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